Lecture on ?India After One-Year of Demonetization? held in AMU
Aligarh, November 20: Economics Professor Arun Kumar, one of the most widely quoted authors on black money and author of ?The Black Economy in India? and ?Indian Economy since Independence: Persisting Colonial Disruption? delivered a lecture on ?India After One-Year of Demonetization? at the Conference Hall of the Faculty of Social Sciences in Aligarh Muslim University (AMU).
The lecture was organized by the Economics Society, Department of Economics, AMU.
Focusing on the state of Indian economy post demonetization, Prof Kumar said that the rate of growth in India does not include the unorganized sector which constitutes the 45 percent of Gross Domestic Product (GDP) in India and 93 percent of employment of the country.
Commenting on Paradise Papers and Panama Papers scam, Prof Kumar mentioned that only 10 percent of black income goes abroad, while 90 percent is circulated within the economy. He clarified that the returning of 99 percent cash to the RBI doesn?t means that the deposited money is white. ?We do not have enough infrastructure and human power to examine all high risks deposits,? pointed Prof Kumar.
He added that even in countries with digital economies like the USA, people do cash transactions despite having credit and debit cards. Prof Kumar further said that it is imperative to deal with financial illiteracy before making India a digital economy.
Presiding over the lecture, Prof Syed Noman Ahmad (Chairperson, Department of Economics) pointed out that Prof Kumar, who has been researching on black money for the last three decades, is a leading expert on it.
Dr Mohammad Asif (In-charge, Economics Society, AMU) was also present.
Professor Ashok Mittal proposed the vote of thanks, while Mr Zulfiqar Seth (PhD Student) conducted the programme. Mohd Umair Khan (MA Economics student) gave a presentation on the activities of Economics Society.
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