The India growth story is propelled by black money

Abstract

Post-Nira Radia, many economists and experts have been wondering whether our reforms, which are supposed to be facilitating growth, are giving raise to crony capitalism.

These experts look at India with western lens and cannot think beyond received wisdom from Oxford and Harvard. They do not realise that the corporate sector has a relatively small share of GDP — not more than 15%. We are a nation of the self-employed. The service sector, which constitutes more than 60% of GDP, is the engine of our economic growth. It is predominantly driven by partnership and proprietor-owned firms engaged in construction, trade, transport, hotels, and other services provided by the likes of plumbers and painters. Read more at: https://www.dnaindia.com/analysis/column-the-india-growth-story-is-propelled-by-black-money-1483957