Sunday, August 17, 2014

P.Chidambaram on Black Money

Excerpt from A View from the Outside by P.Chidambaram

In earlier columns I have argued for rejecting the phobia about 'foreign' money. I wish to make another controversial suggestion. Perhaps, for a certain period of time, we should be colour blind to 'black' money if invested in certain sectors. Consider tourism. That is one sector which has almost infinite potential. Every additional tourist who comes to India has the potential to create at least two additional jobs. Can we not agree on a policy that allows for a period of ten years new investment in the tourism sector - hotels, luxury coaches, spas and treatment centres, sports facilities for skiing, sailing, surfing, hiking, mountaineering and golf - and promises that no questions will be asked about the source of funds? Agreed, there is an element of inequity in this proposal and the means are somewhat dishonest, but this is perhaps one of the better examples where the ends would justify the means.

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