Shadow Economy Makes Up 30 Percent of India's GDP
India’s black money economy could be as high as 30 per cent of the gross domestic product ( GDP), indicating the size of the parallel economy could be about Rs 28 lakh crore.
The government had asked three think tanks —National Institute of Public Finance and Policy, National Institute of Financial Management and National Council of Applied Economic Research — to arrive at an estimate of black money in the country. The three used various methodologies and have given various estimates. A source in the know of the work done by the think tanks said one of the estimates was on the basis of the methodology used in a World Bank research group report, which pegged India’s current black money economy at about 30 per cent of GDP.
Source: Business Standard. Read full article. (link)
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