Government plans to ask companies to disclose the name of lobbyists

The Lobbyist

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According to 5 minutes wrap up the latest 2G scam is garnering so much bad press that it is difficult to imagine any good coming out of it.  A leading daily reports that the Government is mulling one big change in the way companies present their annual reports. As per the daily, the Government is seeking greater transparency into its dealings with companies that are trying to influence decision making. This, the Government plans to do by asking companies to disclose the name of lobbyists employed by them. Not only this, the companies would also be asked to state their positions in clear terms on issues that are affecting their business.
Lobbying is nothing but a form of legalised corruption . Just with all things economic, the US is perhaps the biggest beehive of lobbying in the world. Billions of dollars are spent every year by wealthy and powerful industries in order to swing a few important legislations in their favour or not let a few detrimental ones see the light of the day.
It is unfortunate that the lobbying scourge has also travelled to India. The 2G scam could be called as the biggest manifestation of it so far. And it is heartening to know that Government has finally woken up to the fact that something needs to be done about it. The decision to have a few pages in the annual report centered on lobbying is thus a small step in this direction. The disclosure of course could be voluntary but the companies will also have to provide an explanation if the information is missing from the annual report.
Lobbying works against the principles of a well functioning democracy. It encourages monetary gains to the powerful few at the expense of others. Hence, the only way to curb this menace is to make the smaller, less powerful group like the general public aware of the stand of influential corporate. It is only then that they can take steps to protect their own interests. Thus, while the Government's intentions are laudable, the execution part of it remains to be seen.

Source : 5 minutes wrap up

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