Advani at UN Assembly: Blackmoney hurts economy

Noting that blackmoney debilitates the economy limiting growth and investment in productive sectors, India has called for a war on corruption and transparency and accountability in governments. “While this problem afflicts both developing and developed world, its consequences are more severely felt in the developing countries where it undermines the delivery of services and impact the people directly,” Bharatiya Janata Party (BJP) leader Lal Krishna Advani told a UN panel on Tuesday, reading out a prepared official speech as an Indian delegate. Opposition leaders are often asked by the government of the day to lead Indian delegations to various UN forums and read out texts prepared by the foreign ministry. “The generation of unaccounted wealth or blackmoney also has a major debilitating impact on the economy limiting growth and investment in productive sectors,” he said participating in a debate on “Social Development” in a UN general assembly committee. The UN Convention Against Corruption needs to be ratified by all countries with meaningful co-operation at the international level to recover monies and assets stolen through corrupt practices stashed abroad, Advani said. From gulftoday