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Illicit trade soars to $675 billion
Money laundering accounts for 5% of India’s GDP: CII
New Delhi: India Inc is worried over the staggering growth in illicit trade and views it as a threat to the economy and security of the country that needs to be tackled on a war footing. A report released by apex business chamber CII on Thursday based on data from international agencies states that the impact of India’s illicit financial flows works out to around five per cent of the country’s GDP.
“Trade-based money laundering in India soared to a whopping $674.9 billion for the 10-year period from 2009 to 2018, which reflects the magnitude of illicit trade that has emerged as a major threat to the country’s economy and security,” according to a report released by apex business chamber CII on Thursday.
Based on UNODC estimates, when the Indian economy surpassed the $3 trillion mark in 2021, the quantum of money laundering in India can be estimated at $159 billion, which is around five per cent of GDP. This accentuates the magnitude of the problem driven by the rise in illicit markets (trade, illegal drugs, arms, etc.) and non-market actors,” the report states.
It cites recent data provided by the Directorate of Revenue Intelligence (DRI) to illustrate India’s substantial trade gap due to mis-invoicing and highlights the growing illicit trade. Smuggling in India report 2021-22 identified 437 instances of duty evasion totalling Rs3,924 crore, which was a 40 per cent jump from the corresponding figure of Rs2,810 crore in 2020-21.
