PATNA: Janata Party president Subramanian Swamy on Sunday said black money was responsible for inflation and price rise in the country, with black-marketers using ill-gotten wealth to hoard essential commodities. “Black money is being used in a big way to purchase consumer goods, including food grains. These are hoarded to cause artificial shortage,” he said in his lecture on ‘Ramrajya Kal Aur Aaj’ here. Dr. Swamy claimed that those hoarding black money had invested up to 70 per cent of their capital in consumer goods and were using the profits to buy food materials for black marketing. This had led, he said, to the unusually high inflation rate of about 16 per cent, which was negating India’s 9 per cent growth.
