Retrieving black money from abroad may revive economy: FICCI

: Sun Jul 01 2012, 16:24 hrs
New Delhi : The Federation of Indian Chambers of Commerce and Industry (FICCI) has observed that retrieving black money from abroad could be one of the solutions to bring economy back on track.”FICCI has given a 12-point agenda to the (former) finance minister to revive economy, which has this issue of repatriation of the money (sic),” FICCI President R V Kanoria said while addressing an annual general body meeting of the

Goa Chamber of Commerce and Industry (GCCI) last evening.

Kanoria said the issue of repatriation of black money from abroad without asking the countries to disclose the identity of the depositor could bolster economy which is in

doldrums.

Few countries like Germany have entered into agreement with Switzerland to get back their money, he said.

“From year 1991, country’s economy has been growing. I fail to understand why our situation is back to the years before 1991,” Kanoria said.

Appealing to the Centre to work towards lifting up the overall negative sentiment, Kanoria said, “While on one side there is poor performance of the union government, there is rise of independent states that are outperforming other states”.

Ruing that the economy which has the potential to grow in double-digit is currently in a disarray, he said the fiscal deficit is widening and the current borrowings have risen to 20 percent of GDP from 10 percent earlier.

He also supported the Goods and Service Tax (GST), saying the imposition of the same will double up per capita income.

http://www.indianexpress.com/news/retrieving-black-money-from-abroad-may-revive-economy-ficci/968990/

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s