One of the major financial issues that have been responsible for the
limited growth of Indian economy is huge reserve of black money deposited in
various foreign banks. This has not only put the infrastructure growth across
the nation on a back burner but has also limited the real estate investment
opportunities for the Indian middle class. Despite the big ambitions and great
potential in the area of infrastructure nothing much is happing, primarily due
to the lack of enough funds. But now, with the government finally having taken
some concrete steps in the direction of bringing back the black money, a new hope
has been generated that the infrastructure development in India will receive a
new boost.
Fight To Bring Back The Black
Money
The issue of black money was being raised in the corridors of power
for quite a few years, but regretfully no one was willing to do anything about
the same. While the opposition kept pressuring the government, the government
seemed unwilling to work on the problem in a serious manner. In fact, quite a few ministers issued
statements that mocked the very idea and even dismissed the very existence of
black money. The trend changed only after sensing the growing distrust and
unrest among the general public due to the high levels of corruption and failing
infrastructure, the previous government at the centre promised to initiate the
process of bringing the black money back. However, it was only after the
formation of the new government under PM Modi that actual measures were taken
in this direction.
A Ray Of Hope
A whooping amount of $2 trillion is stashed away in the form of
black money in various overseas countries. With the government already having
received the details about nearly 24,000 dubious transactions, there is new
hope that this money will make its way home, even if it might take some time to
accomplish the same. This information is being currently analyzed by the Income
Tax Department and the Ministry of Finance So far New Zealand, Spain UK, Sweden
and Denmark have been forthcoming with the details of Indian black money held
in their banks. Switzerland has offered extremely limited information even
though a major chunk of the total black money is deposited in the various banks
there. Despite the significantly insufficient details that have been received,
it is being considered as a major step forward in the direction of getting back
the amount that can help India become an economic superpower. In fact, talks
are done about how the money recovered can be utilized for the growth and
development in various sectors to help boost the Indian economy in a
significant manner.
The Gujarat Model
Prime Minister Narendra Modi has time and again stressed on the
importance of ensuring world class infrastructure development in India for
better growth and development across other sectors. One of the primary reasons
behind his phenomenal success during his long tenure as the Gujarat CM, was the
focus on developing the infrastructure of the state at an international level.
The results of his efforts are there to see for all, with Gujarat having become
the most prosperous Indian state in every respect. Now with Modi heading the
national government people are expecting a similar growth rate and prosperity
across the country. Most people even have the opinion that recovered black
money should be used in infrastructure growth and development as it would be the
ideal way to put India back on the track of development and progress.
Black Money In
Infrastructure Development
Poor infrastructure has often been cited as the primary reason
behind the stagnant development of the nation. The lack of proper roads and
bridges, the shortage of homes for a large percentage of the population and the
non-availability of basic amenities such as clean drinking water and sufficient
electricity are just some areas which can be improved in a significant manner
with well-planned and proper infrastructure development. By using the recovered
fund in these development tasks, the government can not only create countless
job opportunities for the millions of unemployed people but also help in
raising the standard of living of the common man. Most importantly, investing
the black money in infrastructure development will also have deep impact on the
real estate mafia that is causing unchecked price rise in the real estate
sector. This will not only check the influx of unlimited black money in the
construction and development industry but will also make the homes and living
spaces within the financial reach of the common people.
A Long Way To Tread
However, before the dreams of making India at par with the most
developed nations across the globe in terms of availability of proper
infrastructure, there are a lot of steps that need to be taken. The most
important of these are of course ensuring the complete recovery of the money
that has been illegally shipped away and stored in various banks across the
world. It is also important to make the necessary changes and amendments in the
property laws and regulations to ensure that the money received actually
utilized for proper development purposes. The government also needs work on
creating strategies and plans that would ensure that the money is used as
intended. Issuing bearer bonds for infrastructure development, of various denominations
and in multiple currencies can be a good start in this direction. In addition,
there is also a need to introduce a greater transparency and reliability in the
various process related with investment in the infrastructure development process.
With the PM having promised complete recovery of the black money,
the people across the nation are eagerly awaiting the revamp of the
sociol-economic scenario. The hopes have further been raised with at least some
information having been come in from foreign nations in this respect, when none
was being offered only a year back. What remains to be seen though is how the
funds are utilized to provide better facilities to a nation that has for long
been suppress by the corruption and bureaucratic idiosyncrasies of the selfish
politicians.
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