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Many are employed but society makes little progress and remains poor.Īs policy fails, individual solutions are sought, which result in making the resource shortage look worse and weakens the commitment to national goals. Much of the activity in the black economy is like digging holes and filling them. Paradoxically, the interests of those who have benefited the most from the black economy have been hurt the most since the growth has been stunted and dynamism has eroded. The nation is not short of resources but because of the existence of black economy, a large chunk of resources are not only wasted but are either lying idle or are siphoned off out of the nation. The involvement of the country’s elite in illegality has eroded their commitment to work and this pervades society. As people’s pressure has declined, illegality has grown. The institutions of democracy, legislatures, learning centres, judiciary, police, bureaucracy, police and media, are all compromised due to the functioning of the black economy. The black economy and the erosion of institutions of democracy are interlinked. The black economy has many economic ill-effects. So, what should ideally happen is that employment opportunities must increase and economy must grow because of more money circulating in the economy due to black money. As a result, the value addition to the economy is actually much higher than recorded. They also might involve in illegal activities like taking bribes which in effect must be classified as black money but are not. However, in India, there are millions of people whose incomes do not touch the minimum income level and are thus not taxed. In India, black money is that which is taxable and is not taxed, i.e.
BLACK ECONOMY INDIA ARUN KUMAR PDF PDF
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It also focuses on the nexus of businessmen, politicians and the executive in perpetuating the black economy.Ī groundbreaking book, The Black Economy in India shows how demonetization … Backed by empirical data, his incisive analysis lays bare the pernicious effects of black income on the macroeconomy and the resultant inefficiency in society.
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In the only such book on the subject, written especially for the general reader, Arun Kumar critically examines the causes and consequences of black income generation and the possible ways to curb it. In this scenario, how effective has the central government's move to demonetize 500- and 1000-rupee notes in November 2016 been? But the cash, or 'black money', circulating in the country is merely around 3 per cent of the total domestic black economy. Both legal (industry, services, real estate, the share market) and illegal (havala, smuggling, narcotics) activities, as well as instances of corruption, contributed to this situation. Where in 1991 the black economy constituted about 35 per cent of the national economy, it had increased to 62 per cent by 2013. India's white economy is inextricably linked with its black economy. Religion,Spiritual, Mental Health & Psychology.