India lost $123 billion in black money in a decade

December 18, 2012

Black_money

December 18: The Indian economy suffered $1.6 billion in illicit financial outflows in 2010, capping-off a decade in which it experienced black money losses of $123 billion, according to a new report.

India is ranked as the decade's 8th largest victim of illicit capital flight behind China, Mexico, Malaysia, Saudi Arabia, Russia, the Philippines, and Nigeria, respectively in the report by Global Financial Integrity, a Washington-based research and advocacy organization.

Titled "Illicit Financial Flows from Developing Countries: 2001-2010," the report found that all developing and emerging economies suffered $858.8 billion in illicit outflows in 2010, just below the all-time high of $871.3 billion set in 2008-the year preceding the global financial crisis.

"While progress has been made in recent years, India continues to lose a large amount of wealth in illicit financial outflows," said GFI Director Raymond Baker.

"Much focus has been paid in the media on recovering the Indian black money that has already been lost," he said suggesting policymakers should instead make curtailing the ongoing outflow of money priority number one.

"$123 billion is a massive amount of money for the Indian economy to lose," said Dev Kar, GFI lead economist and co-author of the report with GFI economist Sarah Freitas.

"It has very real consequences for Indian citizens. This is more than $100 billion dollars which could have been used to invest in education, healthcare, and upgrade the nation's infrastructure," he said.

A Nov 2010 GFI report, "The Drivers and Dynamics of Illicit Financial Flows from India: 1948-2008," found that the Indian economy lost $462 billion to illicit financial outflows from 1948 through 2008.

Authored by Kar, the report measured India's underground economy as 50 percent of GDP, with cumulative illicit outflows accounting for an increasing share of the total underground economy.

The new GFI study also estimates the developing world lost a total of $5.86 trillion to illicit outflows over the decade spanning 2001 through 2010.

The $858.8 billion of illicit outflows lost to all developing countries in 2010 is a significant uptick from 2009, which saw developing nations lose $776.0 billion.

GFI advocated that world leaders increase the transparency in the international financial system as a means to curtail the illicit flow of money highlighted by Kar and Freitas' research.


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News Network
May 17,2024

Forbes has released its ninth edition of the “30 Under 30 Asia” list, celebrating 300 young entrepreneurs, leaders, and trailblazers under 30 who are driving innovation and transforming industries across the Asia-Pacific region. 

Here's a list of Indians who made it to the Forbes list:

ENTERTAINMENT

Pavithra Chari
Pavithra Chari, a trained singer-composer, gained recognition as half of the duo Shadow and Light with Anindo Bose. Their collaboration with the Berklee Indian Ensemble earned a Grammy nomination in 2023. She is also part of the Anirudh Varma Collective, touring the US, and is skilled in Bharatnatyam dance. Ms Chari is also known for covering film hits.

Arpan Kumar Chandel (King)
Indian rapper Arpan Kumar Chandel, also known as King, became known worldwide when Nick Jonas remixed his hit song 'Maan Meri Jaan'. Mr King got famous on MTV Hustle in 2019 and has released many albums since. His latest, 'New Life', features artists like Nikhita Gandhi and Gucci Mane. He's also Sony Audio's ambassador and launched his fragrance, Blanko.

CONSUMER TECHNOLOGY

Kush Jain 
Kush Jain discovered the challenges faced by the visually impaired during a volunteering stint at a Bangalore school in 2018. Motivated to help, he co-founded ORama AI. Their innovative solution, a smart glove, helps the blind and those with reduced vision to learn Braille. The glove features an embedded camera and speaker, tracking finger movements and audibly identifying touched Braille dots.

Arth Chowdhary, Deyvant Bhardwaj and Oshi Kumari 
Arth Chowdhary, Deyvant Bhardwaj and Oshi Kumari co-founded InsideFPV, an Indian drone startup, in 2020. Their main product is an easy-to-use "plug-and-fly" drone, unlike others that require a complex setup. Based in Surat, the company also sells drones and parts online. 

Pranav Manpuria (Flux Auto)
Autonomous driving startup Flux Auto was co-founded by Pranav Manpuria in 2017. The company is working on creating self-driving software for forklifts and warehouse robots. They claim their technology can easily fit into existing systems of infrastructure.

Arun Sreyas and Gautham Maheswaran (RACE Energy)
In 2018, university friends Arun Sreyas and Gautham Maheswaran created RACE Energy. Headquartered in Hyderabad, the startup specialises in creating swappable battery packs tailored for the popular three-wheeled auto-rickshaws in India.

Harshit Jain and Abhik Saha 
Harshit Jain and Abhik Saha co-founded OnePlay, a cloud gaming startup in Mumbai in 2019. OnePlay allows users to play popular games like Baldur's Gate 3 and Palworld across multiple platforms without needing expensive hardware. 

ENTERPRISE TECHNOLOGY

Kunal Aggarwal
Kunal Aggarwal launched Credflow in 2019, offering cashflow management software for small and medium-sized enterprises. The platform analyses business data, sends automated payment reminders, and extends credit lines to eligible users. 

Gaurav Piyush, Mayank Varshney and Yash Sharma
Gaurav Piyush, Mayank Varshney and Yash Sharma came together to establish Blitz, a logistics startup, in 2020. Based in Gurugram, the company, formerly known as Grow Simplee, specialises in offering same- or next-day delivery services by using a network of warehouses and fulfilment centres.

Aditya Dadia
Aditya Dadia founded AIwrite in 2022, providing new digital software for India's insurance sector. Based in Mumbai, the startup uses machine learning to help insurance companies analyze risks and develop products faster. 

FINANCE AND VENTURE CAPITAL

Aalesh Avlani (CWC)
Aalesh Avlani, a Boston University graduate, co-founded Credit Wise Capital (CWC), a finance company specialising in providing loans for motorcycles. Founded in 2019, CWC received $6 million in startup funding the following year. They use technology like a WhatsApp bot to quickly assess creditworthiness, making it easier for people with no credit history to apply for loans.  

Srinivas Sarkar and Kushagra Manglik (Coupl)
Srinivas Sarkar and Kushagra Manglik co-founded Coupl, India's bank designed for couples of all types. Launched in early 2022, the startup helps couples, irrespective of marital status or sexual orientation, effectively manage their finances with joint accounts and linked ATM cards.

Aniket Damle
Aniket Damle works with Blackstone's private equity investment team in Asia, focusing on investments in India's healthcare, consumer, and industrial sectors. At just 23 years old, he made his first deal when Blackstone collaborated with Sona BLW to establish Sona Comstar, a technology platform company focused on electric vehicles, in 2018.

Yashvardhan Kanoi (Alter Global)
Yashvardhan Kanoi heads investments at Alter Global, a venture capital firm linking Silicon Valley with startups in emerging markets. Since 2019, he led investments in companies across Southeast Asia, South Asia, and Latin America like Ula, BukuKas, and CoLearn.

Manish Maryada (Fello)
Manish Maryada co-founded Fello, a fintech startup based in India. Fello offers rewards to users to make investing enjoyable. When users invest a certain amount through the app, they receive a ticket to play in-house games and win rewards and prizes. Founded in 2021, Fello has been downloaded over a million times and has raised over $5 million in funding.

Anuj Srivastava and Priyesh Srivastava (OnFinance AI)
Anuj Srivastava and Priyesh Srivastava (not related) co-founded OnFinance AI, a Bengaluru-based startup. They developed NeoGPT, a ChatGPT-like service tailored for the finance industry, which helps analyse data, generate forecasts, and conduct financial market research.

HEALTHCARE AND SCIENCE

Karan Ahuja
Google research scientist Karan Ahuja will become an assistant professor of computer science at Northwestern University starting in September 2024. With a PhD in human-computer interaction from Carnegie Mellon University, Mr Ahuja has focused on projects like body-movement sensing for smartwatches and gaze-tracking for smartphone control. His work has earned nearly 1,000 citations over the past five years. 

Aryan Chauhan
Aryan Chauhan, along with his mother Monika Chauhan, co-founded Zivov in 2021 with the aim of helping with diabetes treatment. Their solution involves a self-developed sensor that attaches to the skin to monitor blood sugar levels. Users can access the results through Zivov's smartphone app.

INDUSTRY, MANUFACTURING AND ENERGY

Akshit Bansal and Raghav Arora (Statiq)
Akshit Bansal, CEO of Statiq, got the idea for greener transportation while biking through Bengaluru's polluted streets. After a failed car-sharing venture with his friend Raghav Arora, they shifted their focus to electric vehicles. Their Gurgaon-based company, Statiq, now operates a nationwide network of charging stations for electric cars, buses, trucks, and three-wheelers. The company has raised $27.5 million from investors and expects to post its first operating profit in the next financial year.

Ankit Jain and Narayan Lal Gurjar (EF Polymer)
Ankit Jain and Narayan Lal Gurjar co-founded the agriculture startup EF Polymer in 2018. Their company has created a powder-like water-retention product made from biodegradable materials like bananas and orange peels. This product helps retain moisture in the soil and enhance crop yields by absorbing excess water and gradually releasing it.

Chirag Jain and Rama Krishna Mendu (EndureAir Systems)
Chirag Jain and Rama Krishna Mendu founded EndureAir Systems, a drone startup, in 2018. The Noida-based company has created three drone models for mapping, monitoring, and logistics. One of them is battery-powered and can carry up to 15 kg while travelling 15 km.  

Rahil Gupta (Hop Electric Mobility)
Rahil Gupta co-founded Hop Electric Mobility, an electric motorbike startup, in 2020. The company offers three products priced between ₹66,790 and ₹1,33,580. Their premium Oxo bike, for instance, can reach speeds of up to 95 km per hour and cover 150 km on a single charge

MEDIA, MARKETING AND ADVERTISING

Kavan Antani

Kavan Antani is one of the co-founders of IndieFolio, a Mumbai-based on-demand talent marketplace catering to creative professionals. Launched in 2014, the platform serves as a connection hub for designers, animators, content creators, and video producers with clients seeking talent. IndieFolio boasts a talent pool of over 70,000 individuals and counts major clients like Paytm, Ogilvy, and Domino's Pizza.

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News Network
May 5,2024

karkare.jpg

Maharashtra Leader of Opposition Vijay Namdevrao Wadettiwar waded into controversy after he alleged that an RSS-affiliated cop, and not terrorist Ajmal Kasab, killed former state anti-terrorism squad (ATS) chief Hemant Karkare during the 26/11 Mumbai terror attack.

In a video statement released on Saturday, the Congress leader alleged that the bullet that killed IPS officer Hemant Karkare did not come from the gun of Ajmal Kasab or any of the other nine Pakistani terrorists involved in the attacks.

Instead, he claimed it came from the weapon of a police officer allegedly "dedicated to" the Rashtriya Swayamsevak Sangh (RSS).

Wadettiwar also accused Ujjwal Nikam, the special public prosecutor in the case and a BJP Lok Sabha candidate from Mumbai North Central, of suppressing this information, labeling him a "traitor."

He questioned the BJP's decision to nominate Nikam for the Lok Sabha polls, accusing the party of protecting traitors.

“During the probe, key information was out. However, it was suppressed by Ujjwal Nikam, who is a traitor. My question is, why is BJP protecting a traitor and nominating such a person for Lok Sabha polls? By doing this, BJP is protecting traitors," Wadettiwar alleged, Times of India reported.

These allegations drew strong responses from Nikam and Deputy Chief Minister Devendra Fadnavis.

Nikam condemned Wadettiwar's statement as "baseless and irresponsible," expressing pain at the doubts raised over his integrity.

He emphasized the legal steps taken to convict Kasab, calling Wadettiwar's remarks an insult to the victims of the 26/11 attacks.

“What a reckless statement is being made. I am pained by such baseless allegations, raising doubts over my integrity. It clearly reflects the level of electoral politics. I never thought politicians will stoop to such low levels. For political gain? He (Wadettiwar) is insulting not me, but the 166 departed souls and all persons injured in the 26/11 attacks," Nikam said.

He added, “They (Congress) hold Kasab as innocent. Even Pakistan had accepted that Kasab was involved in the conspiracy and in the terror attack on India and was guilty".

He said Indians very well know the legal steps he had taken to ensure Kasab’s conviction.

Nikam said citizens of the nation would on 4 June, the day of results for Lok Sabha polls, give their reply to such allegations, adding he wished not to dignify the “desperate disinformation” with a further response.

Meanwhile, BJP leader and Deputy CM Fadnavis said, “Our alliance is with Nikam, while Congress has joined hands with Kasab".

Shiv Sena spokesperson Kiran Pawaskar said NIA should arrest Wadettiwar and ask him why he was defending Kasab.

Pawaskar criticized the Congress for allegedly supporting terrorists and expressed surprise at the silence of Shiv Sena chief Uddhav Thackeray on the matter.

“From Wadettiwar’s statement, it appears Congress is supporting terrorists who attacked Mumbai. More shocking is the fact that Sena (UBT) chief Uddhav Thackeray has maintained silence over the episode,” he said.

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News Network
May 8,2024

sampitroda.jpg

Congress leader Sam Pitroda has stepped down from the post of Chairman of the Indian Overseas Congress and his resignation was accepted by the party. Congress leader Jairam Ramesh took to X and announced that Sam Pitroda had decided to resign from the key post "of his own accord".

Pitroda had been under fire over his controversial remark that Indians in the East resemble the Chinese while those in the South look like Africans.

"We could hold together a country as diverse as India -- where people on East look like Chinese, people on West look like Arab, people on North look like maybe White and people in South look like Africans. It doesn't matter. We are all brothers and sisters," Pitroda said during an interview with The Statesman.

The Congress immediately distanced itself from Pitroda's remarks, terming them "unacceptable".

"The analogies drawn by Mr Sam Pitroda in a podcast to illustrate India's diversity are most unfortunate and unacceptable. The Indian National Congress completely dissociates itself from these analogies," Jairam Ramesh said in a post on X.

The BJP also hit out at the Congress over Pitroda's remarks and termed them "racist and divisive".

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