Black economy in india
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Black economy in india Presentation Transcript

  • 1. BLACKECONOMY ININDIABY,Parsi.Pruthvi(09MBI102)
  • 2. INTRODUCTION…. The black market (sometimes known as underground or black economy) is trade, goods and services that are not part of the official economy of a country; this may be legal activities where taxes are not paid, or illegal activities, such as drug dealing and piracy Also the black money is included in this black economy in which INDIA tops according to the statistics.
  • 3.  According to the eminent economists, the black economy rose from a mere 3% in mid 50’s to 50% today. The dimensions of this growth of corruption and generation of a black income in India, are indeed, mind- boggling.
  • 4.  Some of the components of the parallel economy are numerous. Tax-evasion, Smuggling, Bribe-Taking, Foreign-currency racketeering. In these black markets as we know the goods are priced low and not many are guaranteed.
  • 5. BLACK MONEY…. Almost every INDIAN knows that the government works on corruption and without money no work will be done correctly. This is the main reason behind the accumulation of black money by the public representatives.
  • 6.  Ifgo into the deeper statistics of Indian black money which has proof it looks like this: Year Black money 1990-2000 4.1lak crores 2006-2007 9.6lak crores Present 15lak crores
  • 7.  The shown above statistics are the black money which is in Switzerland. This way Indian black money are stored in almost 40 other countries. Recent survey shows that as much as 50lak crores black money crossed the borders of India in last 5 years.
  • 8.  The ACB has as many as 1758 cases of illegal property earnings in pending. In this 1758 cases, the revenue department tops the list with 466 cases. The ACB are awaiting the permission for raid from the higher authorities.
  • 9. A recent survey concludes that Indians have a total black money of around 1.5 trillion dollars. The main contributors for achieving this feat are the politicians, some selfish business men, other public representatives and etc…
  • 10.  Some surveys show that the black money which went out of India in last 2 years is as much as 13 times of India’s debts. If the total black money is brought back to India then we can do many wonders such as:- we can clear India’s debt in one go. we can clear the poor farmers of their debts. world class roads can be laid all over India We can get relief from the power shortage
  • 11.  We can see that every house in the country with current. We can have water supply for all the rural areas We can construct planned houses for 10 crore people We can distribute 4 crore to 6 lakh villages for their development
  • 12. OTHER FORMS OF BLACKECONOMY… As told in the previous slides the black economy is not just black money it is illegal business also. The business such as drug dealings, prostitution, piracy…etc. The annual income of these business are in the next slide.
  • 13. Estimated annualLargest black markets market value (Billion USD)Total 1,100 or 1,400Marijuana 142Prostitution 108Counterfeit technology 100productsCounterfeit 75pharmaceutical drugsPrescription drugs 73Cocaine 70Opium and heroin 65Web Video piracy 60Software piracy 53Cigarette smuggling 50
  • 14.  The money statistics shown in the previous slide doesn’t have any tax payments . In these types of markets or business India tops the list again with Russia behind us with not even half of India’s. This way we can say that India as developed country or a super power.
  • 15. CONCLUSION…. In a book written by an Indian Mr.Arun Kumar, said that the black money is around 40% of the Indian GDP. The Indian GDP is around Rs 61,64,000 crore that means the black money is around Rs 25,00,000 crore. If the black money is declared legal and shown in the books of accounts then the 30% of it will be taken as tax so as much as Rs 7,50,000 crore will come as revenue.
  • 16.  That will more than the total tax collection for the year 2009-10 which stands at Rs 6,41,000 crore. But it is not legal so none is going to declare it as legal because they will be behind bars. If it has to happen this should be another movie.
  • 17.  Program done by tv9. Wikipedia. Research done by Mr. Arun Kumar. EPW weekly.