Black Face of Indian Economy

Parallel economy connotes the functioning of an unsanctioned sector in the economy whose objectives run parallel, rather in contradiction with avowed objectives. Black economy presents a confrontation between legitimate sources of income. According to data provided by the Swiss bank, India has more black money than rest of the world combined. India top the list with almost $1500 billion black money in Swiss banks, followed by Russia $470 billion, UK $390, Ukraine $100 Billion, and China with $96 Billion. The total black money accounts for 40 percent of GDP of India, if all the money comes back to India then that could result in huge growth burst for India.

During the 15th lok Sabha elections BJP leaders especially BJP'S prime ministerial candidate L.K Advani had raised the issue of black money that corrupt Indian millionaires, political leaders and police officials have deposited in the foreigners especially Swiss banks. They were saying that billions of black money will be brought back into the country and India will become world's most prosperous country in a very short time span. But one question rises that corrupt industrialists and political leaders are the owners of this black money and not the ordinary Indians and thus who will bring the black money into the country and who will allow doing so. During the election time it was a perfect slogan to befool the people but now Congress led UPA government should seriously and honestly think about this problem so by bringing the black money back into the country.