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Black money totaling $770 billion channeled into India between 2005 and 2014

A report published by US-based think tank Global Financial Integrity (GFI) has revealed that black money totaling approximately $770 billion was channeled into India during the period 2005-2014. The report also says that the outflow of black money from the country during the same period was $165 billion. The data for 2014 reveals that inflow of black money was around $101 billion whereas the outflow was around $23 billion. The report released by GFI was titled, ‘Illicit Financial Flows to and from Developing Countries: 2005-2014’. This is a first of its kind report that focuses on both inflow and outflow of black money from a specific country. Normally, people talk about and are concerned only about outflow of black money, but rarely does anyone talks about inflow of black money, especially in India.

The report states that the $770 billion black money that entered India constitutes around 14% of India’s total trade of $ 5,500,744 million ($ 5,500 billion). The report also provides overall global data, revealing that black money inflows globally were in the range of $ 2 trillion to $ 3.5 trillion in 2014. An excerpt from the report reads, “Estimated illicit outflows from developing countries to the advanced world alone sum up to $ 620 billion in 2014 in the most conservative calculation and illicit inflows from the advanced countries into the developing world totaled more than $ 2.5 trillion.”

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