India's is NOT a part of OECD (Organisation for Economic Co-operation and Development ) but OECD has recently released its Economic Survey of India for 2011, in which it prescribes a remedy to tackle corruption at high levels. You may download the overview of this survey from this link http://www.oecd.org/dataoecd/8/8/48108317.pdf
Here are some of the points:
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India should have transparency in involving the private sector in areas where government licensing and regulation are required.
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In all areas of the economy, and especially those that depend on government licensing and regulation, it is crucial that private sector involvement takes place transparently and on a level playing field in order to avoid high-level corruption.
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India needed to strengthen its anti-corruption agency through an independent appointment mechanism for its head.
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India's public sector governance should be made more transparent and accountable by separating operational and regulatory functions in the provisions of public services.
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The survey calls for merging regulations of asset managers (life insurance, mutual and pension funds), besides separating the operator of the National Pension System from its regulator (i.e. Pension Fund Regulatory and Development Authority, which is the interim pension regulator).
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The OECD wants that Reserve Bank of India should sell its electronic government bond market and the clearing house to the private sector and move the regulation of foreign exchange markets and of the government bond market to the Securities and Exchange Board of India.
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Government should modify capital controls to allow more foreign investment in the government and corporate bond markets. At present, foreign institutional investors can invest up to $10 billion in government securities, $15 billion in corporate bonds and $25 billion in long-term corporate bonds (for infrastructure).
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Food coupons should be used for better delivery of food subsidy.
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The idea of Food Coupons was mooted by Chief Economic Advisor Kaushik Basu
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OECD calls for direct cash transfer.
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OECD advises India to keep a close watch on spiralling inflation and volatile capital flows and wanted the RBI to further tighten monetary policy.