NEW DELHI: India Inc. is worried over the growth in illicit trade and views it as a threat to the economy and security of the country that needs to be tackled on a war footing.

A FICCI report based on data from international agencies states that the impact of India’s illicit financial flows works out to around 5 per cent of the country’s GDP.

“Trade-based money laundering in India soared to a $674.9 bn for the 10-year period from 2009 to 2018 which reflects the magnitude of illicit trade that has emerged as a major threat to the country’s economy and security,” the report said.

The quantum of money laundering in India can be estimated at $159 billion which is around 5 per cent of GDP.