Black Market

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Submitted by: ankita
Date: 02 / 21 / 2009
Category: Business and Marketing
Words | Pages: 8163 | 33
Views: 132

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Black Market

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BLACK MARKET AND THE INDIAN ECONOMY
    Uploaded by barkhaamonkar (634) on Sep 20, 2005 | | |
|[pic]                                                                                                                           |
|Statistics:                                                                                                                     |
|It is said that black money in India accounts for 20 % of GDP. If this is true, then black money generated every year must be   |
|around Rs 400,000 crore or $ 80 billion. This is a huge amount, more than the entire budget of the government at the Centre. We |
|have a government that spends about Rs 350,000 crore a year, most of it on itself, and asks for accounts of every paisa. On the |
|other side, we have black money worth Rs 400,000 crore every year, which is just guesswork, and there are no accounts. This     |
|money goes into property, which is why real estate prices are so high, and of course five-star hotels. If the government could   |
|have all this money, or even a small fraction, there would be no need for revenue or fiscal deficits, and no need for huge       |
|borrowings to make two ends meet.                                                                                               |
|How big is $ 100 billion? It is bigger than you think. It is worth Rs 500,000 crore, which makes it bigger than the central     |
|budget. It is more than twice our annual exports. It is equivalent to 30 times what Enron is supposed to have invested on its   |
|Dabhol project. It is more than what the US government is expected to pay those who have suffered from the September 11th smash.|
|And, if you must know, it is a fifth of our annual GDP, which is itself a big figure.                                           |
|                                                                                                                                 |
|...

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