OrionHunter
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India lost a whopping $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 $123 in 10 years is far less that China, which according to the report suffered a loss of $2.74 trillion during the same period (2001 to 2010), followed by Mexico ($476 billion), Malaysia ($285 billion), Saudi Arabia ($201 billion), Russia ($152 billion), the Philippines ($138 billion) and Nigeria ($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 $1.6 billion in illicit financial outflows.
"$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.
More...India lost $123 billion in black money in a decade - NDTVProfit.com
This massive amount of loot could have been used to invest in education, healthcare, and upgrade the nations infrastructure as also reduce the fiscal deficit bringimg down inflation a few notches. But who the hell in our polity is bothered about the country? Their motto has always been, SELF BEFORE SERVICE.
Crony capitalism must stop. The nexus between politicians, bureaucrats, and corporates must be broken and those guilty must be incarcerated without delay. Enough is enough!
However, India's black money loss of $123 in 10 years is far less that China, which according to the report suffered a loss of $2.74 trillion during the same period (2001 to 2010), followed by Mexico ($476 billion), Malaysia ($285 billion), Saudi Arabia ($201 billion), Russia ($152 billion), the Philippines ($138 billion) and Nigeria ($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 $1.6 billion in illicit financial outflows.
"$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.
More...India lost $123 billion in black money in a decade - NDTVProfit.com
This massive amount of loot could have been used to invest in education, healthcare, and upgrade the nations infrastructure as also reduce the fiscal deficit bringimg down inflation a few notches. But who the hell in our polity is bothered about the country? Their motto has always been, SELF BEFORE SERVICE.
Crony capitalism must stop. The nexus between politicians, bureaucrats, and corporates must be broken and those guilty must be incarcerated without delay. Enough is enough!
... it above 1 trillion
