India lost $1.6 billion in illegal financial outflows in 2010 alone, while the decade from 2001-2010 saw the country suffering black money losses of $123 billion in all, as per a new report. India is the decade's 8th largest victim of illicit capital flight behind China, Mexico, Malaysia, Saudi Arabia, Russia, the Philippines, and Nigeria, in the report by Global Financial Integrity, a US research and advocacy organization. The report says that all developing and emerging economies suffered $858.8 billion in illicit outflows in 2010, just below the all-time high of $871.3 billion in 2008 - the year before the global financial crisis.
The report puts India's underground economy at 50 % of its GDP, with total illicit outflows making for a rising increasing share of total underground economy. The new GFI study also estimates the developing world lost a total of $5.86 trillion to illicit outflows over the decade spanning 2001 through 2010. GFI advocated that world leaders work for transparency in the global financial system to curtail the illicit flow of money.