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. 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. Today, the black economy is estimated to be 62 per cent of GDP-or about Rs.
He shows us the way in which the problem can be rooted out, provided the government has the political will and determination to act. In this book, Arun Kumar, the country’s leading authority on the black economy, tells us why Modi’s gambit failed. It has crippled the country’s economy for a long time to come. 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. The Narendra Modi government’s sudden demonetization of Rs.
