In 1990-91, According To Various Estimates, The Black Economy Constituted About 35 Per Cent Of The National Economy, Which Was Larger Than Either Its Primary Or Secondary Sectors. Since Then Black Income Generation Has Increased Not Only Through Both Legal (Real Estate Transactions, The Share Market) And Illegal (Hawala, Financial Scams, Gold Smuggling) Activities But Also Via Instances Of Corruption. The New Economic Policies Expected To Counter Its Growth Have Been Unsuccessful In Containing It. In This Empirically Rich And Finely Argued Book, Arun Kumar Critically Examines The Standard Explanations For The Causes And Consequences Of Black Income Generation And The Methods Suggested For Curbing It. His Incisive Analysis Lays Bare The Pernicious Effects Of Black Income On The Macroeconomy And The Resultant Inefficiency, Waste And Sub-Optimality In The Economy And Society. It Also Spotlights The Role Of Criminalization And The Emerging Nexus Of The Businessman, Politician And Bureaucrat In Perpetuating The Black Economy. Showing The Limited Success Of Technical Remedies Like The Vdis, Arun Kumar Argues In Favour Of Structural Remedial Measures, Which Include Empowering People Through A Right-To-Information Act.
This Revised Edition Has A Foreword By Ex-Prime Minister V.P. Singh And New Appendices On Employment And Income In Illegal Activities In India And Money Laundering.
The Narendra Modi government’s sudden demonetization of `500 and `1,000 notes in November 2016 failed to put a dent in the black economy but caused untold hardship to hundreds of millions of Indians. It has crippled the country’s economy for a long time to come.
In this book, Arun Kumar, the country’s leading authority on the black economy, tells us why Modi’s gambit faile The Narendra Modi government’s sudden demonetization of `500 and `1,000 notes in November 2016 failed to put a dent in the black economy but caused untold hardship to hundreds of millions of Indians. It has crippled the country’s economy for a long time to come. In this book, Arun Kumar, the country’s leading authority on the black economy, tells us why Modi’s gambit failed. He shows us the way in which the problem can be rooted out, provided the government has the political will and determination to act. Today, the black economy is estimated to be 62 per cent of GDP—or about `93 lakh crore ($1.4 trillion).
Corrupt businessmen, corrupt politicians, and corrupt members of the executive (bureaucrats, police and the judiciary) are responsible for controlling the black economy and enabling its growth. If the black economy were to be dismantled and turned into a part of the ‘white’ economy, the country’s rate of growth would be 12 per cent. If it had not grown the way it has since the 1970s, India’s per capita income today would be approximately `7 lakh per annum ($11,000) and India would become the second largest economy in the world. If the black economy were taxed at current rates, it would generate `37 lakh crore in additional taxes and the union budget would show a surplus of `31 lakh crore instead of a deficit.
The failure of successive governments to tackle the problem effectively has been the single biggest obstacle to eradicating poverty. It is the cause of both widespread policy failure and the inability of the nation to improve its living conditions rapidly. This felt like a long blog or magazine article - a long Caravan (Indian news magazine) cover story.
Have read a few 200 page large-font books lately, but this one is even half of those at 100 pages. Or maybe it will feel like a poor cousin of Gurcharan Das's books (loved his on a similar theme). The author talks of the origins, growth, functioning and remedies of black money and black economy. He also takes a brief look at PM Modi's demonetisation. Inevitably, bcoz of its len This felt like a long blog or magazine article - a long Caravan (Indian news magazine) cover story.
Have read a few 200 page large-font books lately, but this one is even half of those at 100 pages. Or maybe it will feel like a poor cousin of Gurcharan Das's books (loved his on a similar theme). The author talks of the origins, growth, functioning and remedies of black money and black economy. He also takes a brief look at PM Modi's demonetisation.
Inevitably, bcoz of its length such books leave one dissatisfied. Still, a good introduction to the topic. Thankfully, didnt spend money on it as it was avail in Kindle Unlimited. After demonetization of 2016, when there have been lots of talks on black money, this book is supposed to be timely, busting lots of myth and providing some groundbreaking objective analysis. Sadly the book fails to cover new grounds, that I have not already read in umpteen articles published or understood in newsroom debates.
The author admits in the acknowledgements, 'Since I already had a lot of published and unpublished material, I felt that I could quickly write a book.' There are only 4-5 After demonetization of 2016, when there have been lots of talks on black money, this book is supposed to be timely, busting lots of myth and providing some groundbreaking objective analysis. Sadly the book fails to cover new grounds, that I have not already read in umpteen articles published or understood in newsroom debates.
The author admits in the acknowledgements, 'Since I already had a lot of published and unpublished material, I felt that I could quickly write a book.' There are only 4-5 pages on the subject of demonetization, which is a big disappointment. And the book reads exactly like that. Is it unfair to expect more from Prof.
Arun Kumar who is country's leading authority on Black Economy? It's not that the book is a complete drab. I lay below some key highlights: - It is highly difficult to come up with accurate white economy numbers, let alone black economy. However, with whatever calculation methods and data available, Indian's black economy is estimated to be 62% of GDP.
Only single digit percentage of black economy is stored in cash. Had there been little or no black economy since independence, every one of us would have been 7 times richer on average. Black Economy can be defined by the wealth not under the reports of the tax authority. This is a no brainer, that black economy is bad for any nation. The actual rate of growth is higher than that of white economy but lower than the potential rate of growth. The reason is that productivity of investment is lowered by the black economy due to wasteful investment and misuse of capital. Black money not only impacts the society economically but also in other aspects like health, education and environment.
Tax itself is not a bad thing. High tax countries like Scandinavian countries don't generate huge black economy. Most people evade tax as the believe that their tax money is not properly utilized and they are not the recipient of any direct or indirect benefits from it. In order to tackle the black economy the triad of corrupt politicians, businessmen and the executives has to be dismantled. Some of the potential short term measures to tackle black economy are - bringing political parties, judiciary and the CM/PM offices under the ambit of RTI, take immediate action on available information, establish autonomy of institutions by having head of these organizations independent of their political bosses.
Tax reform, judiciary reform, bureaucracy reform and global agreement to end secrecy of banks and tax havens should be the mid-term strategy. Finally, the only way in which black economy can be successfully tackled in long run is if successive governments show the political will to act. Political reforms and corporate reforms are of essence to bring in this long term plan.
This can be brought by people's movement. This book is not for a layman. The author has effectively started the book by counting on the story of the blind men and an elephant.
Arun Kumar Obama
Ironically, after reading book, we may also feel ourselves as one of blind men who got the tail of elephant and assumed it as a broom. For example, the author has correctly identified the problem of black economy as “a triad of corrupt businessmen, corrupt politicians and corrupt members of the executive” he fails (as I understood) to give a specific way by which This book is not for a layman.
The author has effectively started the book by counting on the story of the blind men and an elephant. Ironically, after reading book, we may also feel ourselves as one of blind men who got the tail of elephant and assumed it as a broom. For example, the author has correctly identified the problem of black economy as “a triad of corrupt businessmen, corrupt politicians and corrupt members of the executive” he fails (as I understood) to give a specific way by which this triad can be eliminated. It is better if we see this book only as an opinion book rather than a reference book for an economics student. November 8, 2016 is a date which will be written in bold letters in the Indian Economic history. Demonitization came as a bolt from the dark to common citizen in India.
Even though the intention behind the same is novel, whether the attempt was a success our failure need to be seen. Aun Kumar, through his book Understanding the black economy and black money in India lays bare the real definition and sources of black money and analyses the outcome of demonitization. The initial part of the book gi November 8, 2016 is a date which will be written in bold letters in the Indian Economic history. Demonitization came as a bolt from the dark to common citizen in India.
Download lagu klasik untuk kecerdasan bayi dalam kandungan. Even though the intention behind the same is novel, whether the attempt was a success our failure need to be seen. Aun Kumar, through his book Understanding the black economy and black money in India lays bare the real definition and sources of black money and analyses the outcome of demonitization. The initial part of the book gives an awareness about the whole black money scene. We have been fed upon a wrong notion that major part of the black money lies in the real estate sector. Author states that unlike the General notion, black money cannot be studies in a single dimension. The book is educational, insightful and well rehearsed. Nevertheless, author takes a prejusdistic and biased stand.
In lieu of a systematic pros and cons analysis, author has shunned the idea as outrageous and stupid. Overall the book is academically high graded yet going with antagonistic wave.
This review is in return of a free book from the publisher.
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