Black econ­omy is 30% of GDP: Report

Hindustan Times ST (Mumbai) - HT Navi Mumbai Live - - FRONT PAGE - Gau­rav Choud­hury gau­rav.choud­[email protected]­dus­tan­ NEW DELHI:

Fi­nance min­is­ter P Chi­dambaram is likely re­veal a new es­ti­mate of In­dia’s un­ac­counted “black money”, most of it stashed abroad, in this year’s bud­get ses­sion and fol­low it up with a plan to hold it to ac­count, top of­fi­cials told HT.

The new es­ti­mates, the first since 1985, have been com­piled at the government’s be­hest by three think-tanks, the Na­tional Coun­cil for Ap­plied Eco­nomic Re­search, Na­tional In­sti­tute of Pub­lic Fi­nance and Pol­icy, and Na­tional In­sti­tute of Fi­nan­cial Mana-ge­ment. The report, which was submitted to the Cen­tre in De­cem­ber, is spec­u­lated to have pegged the size of black econ­omy at about 30% of In­dia’s GDP or about Rs25 lakh crore.

About a third of In­dia’s black money trans­ac­tions are be­lieved to be in real es­tate, fol­lowed by man­u­fac­tur­ing and shop­ping for gold and con­sumer goods.

The government has tracked undis­closed in­comes of more than Rs50,000 crore over the last three years, while tax eva­sion worth more than Rs 1000 crore has been de­tected from in­puts from for­eign coun­tries.

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