Wealth of India ?

DNA ( 01 June 2016 ) carries a news snippet titled :

" India , a wealthy country but Indians quite poor : Survey "

It quotes figures of " Total Individual wealth-2015 " of top ten countries

as follows :

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Country  /  Total Individual Wealth ( $ Billion ) /  Population ( Million ) / Per Capita Wealth ( $ )

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#   USA          /  48,700   /   322  /     151,242

#   China        / 17,300    /   1360  /     12,700

#   Japan       /  15,200    /   126   /    120,634

#   Germany   /  9400   /       82   /     114,634

#   UK           /   9200    /      64   /     143,750

#   France     /   7600   /       64   /      118,750

#   India       /    5200   /   1290   /         4,031

#   Italy        /   5000    /      61    /       81,967

#   Canada    /   4800    /     35    /      137,142

#   Australia   /  4500   /      23    /       195,652

-------------------------------------------------------------------------------------

Seeing India's rank at 7th place , I got elated - just for a moment  !

Then wondered :

" What would be our rank , if we were to figure out PER CAPITA wealth of these countries ? "

That made me add in above table , last 2 columns  ( to the DNA figures )

This threw up following surprises :

*  We would move down to the bottom of the heap on PER CAPITA basis !

*  In terms of PER CAPITA wealth , Australia moves up from bottom to TOP !

*  Australia's PER CAPITA wealth would be 48.5 times our per capita wealth !

That reminded me that , the Supreme Court appointed Special Investigation Team on black money has asked the Directorate of Revenue Intelligence (DRI) to verify whether USD 505 billion had flown out of the country during 2004-13, when Congress-led UPA was in power.

Now , assuming that this figure is true and that NDA government succeeds ( don't ask for a target date ! ) in bringing back , ALL of these USD  505,000 million , how much would our PER CAPITA wealth go up ?

505,000 Million / 1290 Million  =  $ 391 ( approx Rs 27,000 / - only )

In the meantime , following news appeared yesterday :

India's black money economy is estimated to be over Rs 30 lakh crore or about 20% of total GDP, a number that a new study says  has been contracting gradually - still bigger than the overall economic size of countries like Thailand and Argentina.

So the BLACK MONEY generation works out to approx Rs 23,256 / - PER PERSON PER YEAR  !

Year after Year  !

QUESTION :

Should we be spending time on trying to bring back those Rs 27,000 per person , stashed abroad ( a  ONETIME BENEFIT , if it ever materializes ! ),

OR

Find a way to eliminate the generation of Rs 23,256 / - worth of BLACK MONEY per person, YEAR AFTER YEAR   ?

ANSWER :

As repeatedly requested by me , let us focus on future by

#    Replacing existing paper Currency Notes of Rs 500 / 1000 , by PLASTIC currency

      notes , each embedded with RFID micro-sensors ( no need for demonetization )

#    Assigning each NEW note with a UNIQUE, IP V 6.0 web address , linked to Serial

      Number of each note ( in " Internet of Things - IoT " mode )

#    Launch of mobile app " BLACK-MAIL ", for exclusive use of IT  /  ED etc, to track

      accumulation of ( say ) , Rs ONE crore worth of notes in any ONE sq meter area !

#    Generate automatically / dynamically , CURRENCY MAPS of INDIA , to track

      money ( read my earlier blog for details )

I leave it to the Economists and Experts to figure out the amount by which our GDP will go up due to this SIMPLE INTERVENTION , which does not require passing of any law !

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08  June  2016

www.hemenparekh.in / blogs

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