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Understanding the Black Economy and Black Money in India by Arun Kumar [HARDCOVER]

Understanding the Black Economy and Black Money in India by Arun Kumar [HARDCOVER]

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Book Summary 

Written in the wake of India’s 2016 demonetization policy, this concise 144‑page analysis unpacks the true nature of black money in India and why such a move failed to curb it effectively Arun Kumar—widely considered India's leading authority on the shadow economy—estimates India’s black economy at roughly 62 percent of GDP or ₹93 lakh crore (about $1.4 trillion), while the cash component constitutes only 3 percent  . He identifies the entrenched ‘triad’ of corrupt politicians, businessmen, and members of the executive (bureaucrats, police, judiciary) as the primary architects sustaining this parallel system. The book examines how black money stunts growth, undermines public finances, and fuels inequality, arguing that demonetization was misguided—targeting cash but ignoring the structural forces behind illicit wealth generation Kumar outlines short‑, medium‑ and long‑term remedies ranging from stronger institutional autonomy and legal enforcement to structural reforms and citizen-led accountability movements to dismantle the black economy’s grip.

About the Author: 

Arun Kumar is a highly respected Indian economist and public finance expert, educated at Delhi University, Jawaharlal Nehru University (JNU), and Princeton University. He taught at JNU for over three decades until retiring in 2015, after which he continued to hold the Malcolm Adiseshiah Chair at the Institute of Social Sciences in New Delhi. Over nearly four decades of research, writing, and policy engagement, Kumar has emerged as the country’s foremost authority on black money and economic inequality. His work spans development economics, macroeconomic policy, and public finance, regularly appearing in both academic and popular media. Kumar argues that only a combination of political will, institutional reform, and civic action can meaningfully tackle India’s parallel economy and unlock sustainable growth and equity.

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