With the nation's focus on corruption as highlighted by Anna Hazare, business leaders see an opportunity for cleaning up the system by openness and abolition of red tape which generates corruption.
Industry body Assocham called for "bold and concrete steps" to ensure "effective, transparent and accountable" governance. Assocham also supported creation of accountable institutions along the lines of Election Commission, its president Dilip Modi said.
S P Hinduja, chairman, Hinduja Group Worldwide gave specific suggestions for eradication of corruption, including legalising contributions by individuals and businesses to political parties and bringing funds held offshore into the accounting system by imposing a one-time tax of 15%-30% as was done by the US and other countries.
Hinduja also called for introduction of Goods and Services Tax (GST) in order to urgently streamline transactions and bring greater transparency to them.
Other measures suggested by him include reducing the large number of permissions required for new projects and awarding mega projects to businesses on condition of building social infrastructure in education healthcare and water supply.
"Efforts must be taken up to break the unholy nexus between politicians, bureaucrats and businessmen that has created an entire parallel economy to corner the benefits of rapid growth", he said.