Rs 45 lakh cr black money stashed abroad: FICCI

July 09, 2012 19:48

India could become a fiscal surplus nation if the government manages to bring back at least one-tenth of the estimated Rs 45 lakh crore black money stashed abroad, industry body Ficci has said.

The Indian economy, currently grappling with slowdown, is likely to post a fiscal deficit of Rs 5.13 lakh crore or 5.1 per cent of the GDP in the current financial year.

In a 12-point agenda to revive the economic growth, Ficci said that as per estimates, total black money stashed abroad is about Rs 45 lakh crore which is about 50 per cent of India's GDP, and is nine times the size of India's fiscal deficit.

"It is estimated, even if 10 per cent of such black money is brought back to the system, India can generate a fiscal surplus," it said.

The chamber, however, did not specify how the Rs 45 lakh crore black money estimate has been arrived at.

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