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India's Black Money - Rs 30 Lakh Crore!
By: Tupaki Desk | 6 Jun 2016 3:08 PM IST
A new study revealed that India's Black Money is not less than Rs 30 lakh crore. The amount is almost 20% of the country's Gross Domestic Product (GDP). In fact, It is bigger than the GDP of some of the countries like Thailand and Argentina.
In the past one year, Cost of capital became more pricer in the black money market as the lending rates have gone up from 24 percent to 34 percent. Most of the black money is being invested in real estate and gold.
After Centre's crackdown on black money, More priority has been given for Cash in physical form and sharp decline was noticed in bank transactions. This development to have a negative impact on the GDP Growth.
As per stats, India's black money grew multi-fold in the 70s and 80s. By now, It equalled 20% of the GDP. For the year 2016, GDP is expected to be $2.3 trillion.
In the past one year, Cost of capital became more pricer in the black money market as the lending rates have gone up from 24 percent to 34 percent. Most of the black money is being invested in real estate and gold.
After Centre's crackdown on black money, More priority has been given for Cash in physical form and sharp decline was noticed in bank transactions. This development to have a negative impact on the GDP Growth.
As per stats, India's black money grew multi-fold in the 70s and 80s. By now, It equalled 20% of the GDP. For the year 2016, GDP is expected to be $2.3 trillion.