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High net worth individuals leaving country out of fear of agencies: Prakash Ambedkar


Nagpur, Sep 9: Bharip Bahujan Mahasangha leader, Prakash Ambedkar said that thousands of high net worth individuals have left the country in the past four years due to constant harassment by government agencies.

Bharipa Bahujan Mahasangh President Prakash Ambedkar

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He said at a presser in Nagpur that since 2015 over 90,000 such persons having assets more than Rs 10 core have left the country and this has depleted the foreign exchange reserve from 399 billion dollars in March to 380 billion dollars in June. This is happening due to threat of harassment by the enforcement agencies like the income tax department.

External debt has risen from $405 billion to $529 billion at present. This has given rise to the possibility of 1990-like precarious balance of payment situation, He said.

He further added that the Hindu middle class which wants the Modi government to return to power in 2019 should take a hard look at this scenario.

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