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Tuesday, December 18, 2012

ILLICIT FINANCIAL OUTFLOW FROM INDIA-GFI REPORT.

The Indian economy suffered US$ 1.6 billion in illicit financial outflows in 2010.India world's largest democracy experienced loss of US$123 billion in a decade from 2001-2010,according to the latest report released by Global Financial Integrity(GFI),a Washington based research organisation.

India ranks 8th largest victim of illicit Capital flight.
"while progress has been made in recent years,India continues to lose large amount of wealth in illicit financial outflows"said,Raymond Baker-Director,GFI.
"$123 billion is a massive amount of money for the Indian economy to lose" said,Dr.Dev Kar,GFI Lead Economist and the Co-author of the report.