Understanding the Black Economy and Black Money in India

The Narendra Modi government's sudden demonetization of '500 and '1000 notes in November 2016 failed to put a dent in the black economy but caused untold hardship to hundreds of millions of Indians It has crippled the country's economy for a long time to come In this book Arun Kumar the country's leading authority on the black economy tells us why Modi's gambit failed He shows us the way in which the problem can be rooted out provided the government has the political will and determination to actToday the black economy is estimated to be 62 percent of GDP or about '93 lakh crore 14 trillion Corrupt businessmen corrupt politicians and corrupt members of the executive bureaucrats police and the judiciary are responsible for controlling the black economy and enabling its growth If the black economy were to be dismantled and turned into a part of the 'white' economy the country's rate of growth would be 12 percent If it had not grown the way it has since the 1970s India's per capita income today would be approximately '7 lakh per annum 11000 and India would become the second largest economy in the world If the black economy were taxed at current rates it would generate '37 lakh crore in additional taxes and the union budget would show a surplus of '31 lakh crore instead of a deficitThe failure of successive governments to tackle the problem effectively has been the single biggest obstacle to eradicating poverty It is the cause of both widespread policy failure and the inability of the nation to improve its living conditions rapidly


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    This felt like a long blog or magazine article a long Caravan Indian news magazine cover story Have read a few 200 page large font books lately but this one is even half of those at 100 pages Or maybe it will feel like a poor cousin of Gurcharan Das's books loved his India Grows At Night on a similar themeThe author talks of the origins growth functioning and remedies of black money and black economy He also takes a brief look at PM Modi's demonetisation Inevitably bcoz of its length such books leave one dissatisfied Still a good introduction to the topic Thankfully didnt spend money on it as it was avail in Kindle Unlimited