The stock of the black economy constitutes a major part of the GDP is significant. Even if 50% of this amount is withdrawn, the kind of relief that RBI will get on its liabilities and the sort of deposits commercial banks will get will lead to a rise in the deposit and later on there will be decrease in lending rates plus fiscal deficit. The black money in circulation is like a steroid in the economy which keeps the demand going gives a feeling that everything is working well . The problem is that investment is not taking place in the economy and the rate of growth of capital formation is down. The only way to bring this up is to divert more funds into investments which will happen when the cost of capital comes down.
Hindu-Muslim contact led to linguistic synthesis. Urdu is the outcome of a mixture of Persian, Arabic and Turkish words and of ideas with the concepts and languages of Sanskrit origin. The Urdu became language of the people. The Hindi language was also influenced by Muslim contact. This is distinct in vocabulary, grammar, similes and styles. Literature in India was influenced by the Turko-Afghans to a large extent. Books like Hassan Nizami’s Taj-ul-Moa’ Sir, Qazi Minhaz-us-Siraj’s Tabakat-i-Nasiri etc. influenced the Hindus. Many good works were composed and written in Hindi, Bengali, Gujarati and Marathi etc. Many Arabized Persian language words found their way into the local languages.
The employment scenario in India is probably the worst in recent years due to globalisation. The restrictions of use of child labour and fair pay to workers have a badly affected the traditional industries like cottage, handloom, artisans and carving, carpet, jewellery, ceramic, and glassware etc., where the specialised skills inherited for generations were passed on to the next generation from the early age of 6 to 7 years. The globalisation and trade restrictions under the influence of WTO have virtually killed business in these sectors.