Black money saves Indian economy: Uttar Pradesh CM Akhilesh Yadav

Many economists say one reason why India is able to withstand frequent global crises in economy is because of the huge parallel economy of black money, the UP CM said

In a bizarre statement, Uttar Pradesh Chief Minister Akhilesh Yadav today said black money saves the Indian economy in times of global recession.

"I am opposed to black money. I do not want it. But many economists say one reason why India is able to withstand frequent global crises in economy is because of the huge parallel economy of black money," Yadav told reporters.

Coming in the middle of a massive crisis over the government's demonetisation scheme to check the flow of black money, the young Samajwadi Party leader's comments are surely going to ruffle a lot of feathers.

The Opposition is in a huddle, a day before Parliament's winter session which is expected to be stormy following the decision to declare Rs 500 and Rs 1000 notes illegal, resulting in huge queues at banks and ATMs for a week now.