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Understanding the Black Economy and Black Money in India: An Enquiry into Causes, Consequences and Remedies

 
Arun Kumar (Author)
Synopsis

The Narendra Modi government’s sudden demonetization of Rs. 500 and Rs. 1,000 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 act.

Today, the black economy is estimated to be 62 per cent of GDP-or about Rs. 93 lakh crore ($1.4 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 per cent. If it had not grown the way it has since the 1970s, India’s per capita income today would be approximately Rs. 7 lakh per annum ($11,000) and India would become the second largest economy in the world. If the black economy were taxed at current rates, it would generate Rs. 37 lakh crore in additional taxes and the union budget would show a surplus of Rs. 31 lakh crore instead of a deficit.

The 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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About the author

Arun Kumar

Arun Kumar has been watching the Indian poll scene for thirty years as a professional journalist. Since 1989, he has organized the election coverage of the Press Trust of India, the country's premier news agency – on five occasions for the Lok Sabha, besides numerous polls to the state assemblies. This is the fifth in the series of election books by the author. His works include, The Tenth Round: The story off the 1991 elections, The Battle for the Heartland, on the 1993 assembly elections, The Turning Point telling the 1996 poll story and On Coalition Course after the 1998 voting exercise. A Master in Political Science, with international relations, in 1980 he became the first Indian correspondent to serve in Pakistan after the 1965 Indo-Pak war. From one closed society, he went to another – China before returning back to India in 1988. Born in Delhi in 1946, Arun Kumar worked for a Delhi magazine and a newspaper in Ahmedabad before joining PTI in s1969. He now works as a Public Affairs Adviser.

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Bibliographic information

Title Understanding the Black Economy and Black Money in India: An Enquiry into Causes, Consequences and Remedies
Author Arun Kumar
Format Hardcover
Date published: 11.04.2017
Edition 1st. ed.
Publisher Aleph Book Company
Language: English
isbn 9789386021571
length 144p.