Minority Report

India. What makes India apart from others? In what way can we admire our country? I seem to have come out with a small report. The Indians are told to drive their vehicle on the left side, whereas the whole world is doing the other way round, on the right side. And in our BIG country there seems to be only one great person, Mahatma Gandhi. The currency notes contain only Gandhi’s image. And never-the-less, the population stands in the second position in the world after China. And no doubt, in not more than 5-6 years we will be the topper in world.

 

With the present economy, there is nothing except inflation, of prices of goods, oil, etc. Why does this arise? Is the tax which we are paying isn’t sufficient for the country’s progress. No, that’s why there is INFLATION. And I missed to tell one more thing. It’s the black money. So far, India tops in that. This is clearer about by the Satyam Multi-Millionaire fraud. One of the leading companies in India, oh probably in the world too, blindfolded the country and amassed huge money. This is just the beginning, I suppose. There are more to come.

 

CRITICAL ANALYSIS: LOOT VAULT

 

a.       The amount of funds held offshore globally by individuals is about $11.5 trillion-with a resulting annual loss of tax revenue of about $250 billion.

-Tax Justice Network.

b.      Global proceedings from criminal activities, tax evasion and corruption are estimated at between $1 trillion and $1.6 trillion per year.

-UN and World Bank Report, 2007.

c.       During 2002-’06, $10 billion to $100 billion have been stolen out of India every year.

-Global Financial Integrity Report, 2006.

d.      At least $6.2 trillion of wealth is held off shore, depriving developing countries of annual tax receipts of $64-124 billion.

-Oxfam Study.

e.       India is estimated to have lost $5.2 billion just in taxes due to bilateral trade mispricing with the EU and US in 2005-’07.

-Christian Aid.

 

This idea was born of political imperative and economic circumstances. The political imperative stems from the need for a differentiator in an era when mandates are jigsaw puzzles and the economic circumstances calls for an idea that works both as rhetoric and a promise of a better life. After all, the “estimated”$500 bn stashed abroad is enough stimuli to resurrect growth and alter the face of India’s infrastructure. So what is the quantum of Indian money in Swiss banks? What is the source of the declaration of “between $500 and $1400 billion stashed in Swiss accounts”?