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How black money impacts India's GDP?
Feb 9, 2015


Readers would be aware that the big news story of the day is about black money in Swiss accounts. The names in the HSBC list have nearly doubled and to be honest, we are not really surprised. As far as we are concerned, this issue is a huge blot on our economy. Conservative estimates indicate that the size of India's shadow (black money) economy is about 22.4% of GDP. Although the statistics available are dated, the proportion has not changed much in recent years.

We don't have high hopes of this gigantic stash being accounted for any time soon. Even if it has found its way back to India via 'round-tripping', it is next to impossible to measure and track it with accuracy. What compounds the problem is our obsession with Switzerland. Experts in this field have long argued that illicit funds are held in various tax havens around the world and a large part of it has already found its way back to India. Thus, we believe without the necessary political will, there is no chance of getting back the black money abroad or at home.

Data Source:Mint

This Chart Of The Day was published in The 5 Minute WrapUp - Are you gearing up for 'post Budget' investing?

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