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Income from black money more than the expenditure on education and health sectors

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By NewsGram Staff Writer

A new study conducted by Global Financial Integrity (GFI) has revealed that in India the riches acquired through black market are more than the expenditure on education and health sectors.

The average yearly income from crime, corruption, tax evasion and other illicit finances were nearly 120% more than the government’s annual education spend and about 100% more than health expenditure.

The report coordinated outflows of black money from 82 developing countries and found that the poorer the country, the more money is illegally taken out from it.

Reportedly, the investigations have shown that globally, 80% of the illicit financial flows take place through trade misinvoicing done by international corporate companies.

In India, this component exists more predominantly, accounting for over 98% of illicit financial outflows.

The average yearly illicit outflow in India for the years 2008-12 was 4% of GDP, 10% of trade, 215% of foreign direct investment (FDI), 40% of total tax revenue and 0.7% of capital stock, the report stated.

The report also found an association between illegal financial flows and higher levels of poverty, higher levels of economic inequality, and lower levels of human development.

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Child Rights Summit: Nations Should Spend More on Education Over Weapons

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Displaced Syrian children look out from their tents at Kelbit refugee camp, near the Syrian-Turkish border, in Idlib province, Syria, Jan. 17, 2018. VOA

Countries should spend more on schooling and less on weapons to ensure that children affected by war get an education, a child rights summit heard Monday.

The gathering in Jordan was told that a common thread of war was its devastating impact in keeping children out of school.

Indian Nobel laureate Kailash Satyarthi, who founded the summit, said ensuring all children around the world received a primary and secondary education would cost another $40 billion annually — about a week’s worth of global military expenditure.

ALSO READ: Politics and Education: A Relationship that contributes a lot in shaping our Future

child rights summit
Nobel Peace Prize laureates Kailash Satyarthi and Malala Yousafzai listen to speeches during the Nobel Peace Prize awards ceremony at the City Hall in Oslo, Dec. 10, 2014. VOA

“We have to choose whether we have to produce guns and bullets, or we have to produce books and pencils to our children,” he told the second Laureates and Leaders for Children Summit that gathers world leaders and Nobel laureates.

Global military expenditure reached almost $1.7 trillion in 2016, according to the Stockholm International Peace Research Institute. The United Nations children’s agency UNICEF said last year 27 million children were out of school in conflict zones.

ALSO READ: Exclusive: How is One Woman Army changing the notions of Education in society?

“We want safe schools, we want safe homes, we want safe countries, we want a safe world,” said Satyarthi, who shared the 2014 Nobel Peace Prize with Pakistani schoolgirl Malala Yousafzai for his work with children.

Jordan’s Prince Ali bin al-Hussein told the summit, which focused on child refugees and migrants affected by war and natural disasters, that education was “key,” especially for “children on the move.”

“Education can be expensive, but never remotely as close to what is being spent on weapons. … They [children] are today’s hope for a better future,” he told the two-day summit.

Kerry Kennedy, president of Robert F. Kennedy Human Rights, a nonprofit group, described the number of Syrian refugees not in school in the Middle East as “shocking” as the war enters its eighth year.

Kennedy cited a report being released Tuesday by the KidsRights Foundation, an international children’s rights group, which found 40 percent of school-aged Syrian children living in Turkey, Lebanon, Jordan, Egypt, and Iraq cannot access education. VOA

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