Indian money in Swiss bank rose over 50 per cent to CHF 1.01 billion (Rs 7,000 crore) in 2017, reversing a three-year downward trend amid India’s clampdown on suspected black money stashed there, the annual report was released yesterday by Swiss National Bank (SNB), the central banking authority of the Alpine nation. This seems that black money in the Swiss has increased, but this is not the only problem India is facing.
India business tycoon Uday Kotak’s tweet has highlighted some important points about Indian economy and according to him India’s current account challenge is now not only oil but also electronics.
Uday Kotak tweeted with statistics comparing gold deficit and electronics import from the year 2011 till 2018. “India’s current account challenge is now not only oil but also electronics. Gold drops to no. 3. Net gold deficit is down but electronics imports have nearly doubled in 5 years!,” his tweet reads.
