Huge underground sector a boon to India: Jaitley
India's FInance Minister rejects economists' calls to rein in black economy and widen tax net as it keeps labour employed, puts cash in hands of consumers
New Delhi
INDIA'S underground economy is booming, and Finance Minister Arun Jaitley wants to keep it that way.
The informal sector is estimated at US$780 billion, or about 40 per cent of India's official gross domestic product. It employs more than 90 per cent of India's workforce, according to the government.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Hong Kong growth beats forecast as recovery gains traction
If inflation continues to build, the Fed won’t be able to maintain neutral stance for long
Thailand to increase daily minimum wage to 400 baht in Oct
UK set for weak growth and highest inflation in G7, OECD says
German manufacturing downturn eases in April, PMI survey shows
India RBI's FX intervention eases as conditions turn favourable for rupee