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India drafts Caribbean into 'black money' fight

Collection:
Black Caribbean Literature (BCL)
Format:
Newspaper Article
Publication Date:
Oct 13-Oct 19, 2011
Published:
Jamaica, NY
ISBN:
1018-2330
Location:
African American Research Center, Library, University of Illinois at Urbana-Champaign
Subject Term:
Caribbean area, India, Negotiations, Black markets, Agreements, Foreign investment, Kumar, Arun
Notes:
According to Arun Kumar, professor of economics at the Jawaharlal Nehru University and author of the book 'Black Money in India', at least US$70-80 billion flows out of India every year into overseas investment hedges like gold or real estate. Kumar estimated that the cost to India of its "black economy" was 5 per cent of GDP growth every year since the mid-70s.