India sees improvement in Global Terrorism Index
India Business News: India's Global Terrorism Index score has declined since 2016, indicating a decrease in terror and crime incidents due to improved security measures. H
NEW DELHI: India's
Global Terrorism Index
(GTI) score of 7.43 and crime index score of 44.7 indicated a decline in terror and crime incidents since 2016 which can be attributed to strengthened security measures.
A recent report by
however highlighted that there is further scope to save USD 159 billion by curbing illicit trade.
The report underscored the impact of illicit trade, which threatens national security in addition to endangering legitimate manufacturing, reducing government revenue, jeopardizing public health, and eroding consumer and investor trust.
It thus becomes crucial to address this issue for India's economic stability and fostering an environment conducive to sustainable growth and ease of doing business.
Tax authorities play a pivotal role in combating illicit trade, Anil Rajput, Chairman of Ficci Cascade said, further highlighting the government's steps to curb
and illicit trade channels. The Prime Minister's emphasis on eliminating terror funding reflects the global nature of the fight against illicit trade and terror financing, Rajput added.
The report calls for a collective partnership among compliant nations to promote legal industries worldwide, penalize
, and disrupt finance for terror funding. India's economy crossed the $3 trillion mark in 2021, with an estimated USD 159 billion money laundering, highlighting the gravity of the issue driven by the rise of illicit markets.
The report recommends adopting the '6 Cs' as a
in line with India’s aspirations to become a $5 trillion economy. They include measures such as cognisance of terrorism and organised crime under the regulatory framework, continuous and critical evaluation of illicit financial flows, central nodal agency for greater co-ordination, creating awareness and changing consumer preferences.
The United Nations estimates that global money laundering ranges from 2 to 5 percent of the global GDP annually. To respond to this, the report also suggests combating trade-based money laundering and enhancing international cooperation.
(With inputs from PTI)