Retrieve black money to get economy on track: Kanoria

PTI, PANAJI | 01 July 2012 20:54 IST

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.

He was 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.


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