Competition has benefited nearly all-financial systems in the world, except for a country like India.

In 2008, India’s economy trembled in the wake of the “2G” scam that cunningly fooled the government and its citizens. Minister A Raja that was responsible for auctioning out the exclusive telecom services, decided instead, to sell the various spectrum licenses at cheap rates upon receiving bribes. On one hand, the government reportedly lost 31.97 billion dollars due to this scandal, while on the other hand, minister A Raja cashed in from 40 million dollars bribes with unethical companies like Reliance, Essar, Loop, Swan and Unitech. All the laws were completely bent and respect-worthy corporations upheld no standards whatsoever to stay in the “competition”. The scale of the corruption was gargantuan and this left a permanent dent to the reputation of companies in India and the integrity of its leaders.

With investigation still in process, the responsible companies are being charged with cases of forgery of documents, criminal conspiracy, corruption and many more. In the end, this incident clearly reveals how the companies lost everything while trying to gain the unethical edge in the “competition”.

Bibliography and Other References:

NDTV-2G SCAM

“What Is 2G Spectrum Scam?” NDTV.com. N.p., 15 Nov. 2010. Web. 13 Sept. 2012. <http://www.ndtv.com/article/india/what-is-2g-spectrum-scam-66418>.

“Wired for Success.” How Competition Can Encourage Unethical Business Practices. N.p., 15 June 2012. Web. 13 Sept. 2012. <http://www.psychologytoday.com/blog/wired-success/201206/how-competition-can-encourage-unethical-business-practices>.

“2G Spectrum Scam.” Wikipedia. Wikimedia Foundation, 09 Nov. 2012. Web. 13 Sept. 2012. <http://en.wikipedia.org/wiki/2G_spectrum_scam>.

“2G Scam: Raja Fails to Dissuade Witness.” – India. N.p., 11 Sept. 2012. Web. 13 Sept. 2012. <http://www.dnaindia.com/india/report_2g-scam-raja-fails-to-dissuade-witness_1739536>.