From Global Financial Integrity:
The Drivers and Dynamics of Illicit Financial Flows from India: 1948-2008,” released today from Global Financial Integrity (GFI), estimates that tax evasion, crime, and corruption have removed gross illicit assets from India worth US $462 billion.
In more fine-grained detail:
"From 1948 through 2008, India lost a total of US $213 billion in illicit financial flows (or illegal capital flight). These illicit financial flows were generally the product of: tax evasion, corruption, bribery and kickbacks, and criminal activities. The present value of India’s total illicit financial flows (IFFs) is at least US $462 billion (based on the short-term U.S. Treasury bill rate as a proxy for the rate of return on assets.) India’s aggregate illicit flows are more than twice the current external debt of US $230 billion.
The full report is available here.
View the original article here
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