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‘India’s black economy exceeds Thailand’s GDP’

business Updated: Jun 06, 2016 06:32 IST

NEW DELHI: Pegging India’s ‘black economy’ at over Rs 30 lakh crore, or about 20% of total GDP, a new study by Ambit Capital Research has said that though it has been contracting gradually over the years, it still remains bigger than the overall economic size of countries like Thailand and Argentina. Besides, a crackdown on black money has made the cost of capital dearer in the black economy, with lending rates having risen to as high as 34%, from about 24% a year ago, it added.

First Published: Jun 06, 2016 06:32 IST