India lost $123 billion in black money in a decade

PRESS TRUST OF INDIA

Washington, Dec 18: India lost a whopping USD 123 billion in black money in 2001-2010, making it the eight largest victim of illicit financial outflow, a US-based research and advocacy organisation said in a report.
However, India's black money loss of USD 123 in 10 years is far less than that of China, which according to the report suffered a loss of USD 2.74 trillion during the same period (2001 to 2010), followed by Mexico (USD 476 billion), Malaysia (USD 285 billion), Saudi Arabia (USD 201 billion), Russia (USD 152 billion), the Philippines (USD 138 billion) and Nigeria (USD 129 billion).
India is the eight largest victim of black money loses, said the report 'Illicit Financial Flows from Developing Countries: 2001-2010,' released by Global Financial Integrity (GFI). India is the only South Asian country to figure in the top 20 list of such nations.
In 2010 alone, the Indian economy suffered USD 1.6 billion in illicit financial outflows.
"USD 123 billion is a massive amount of money for the Indian economy to lose," said Dev Kar, GFI lead economist and co-author of the report.
"It has very real consequences for Indian citizens. This is more than USD 100 billion which could have been used to invest in education, healthcare, and upgrade the nation’s infrastructure. Perhaps last summer’s electrical blackout would have been avoided if some of this money had remained in India and been used to invest in the nation's power grid," he said.

Lastupdate on : Tue, 18 Dec 2012 21:30:00 Makkah time
Lastupdate on : Tue, 18 Dec 2012 18:30:00 GMT
Lastupdate on : Wed, 19 Dec 2012 00:00:00 IST




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