Budget 2014: Black money a curse of economy, says Finance Minister Arun Jaitley

NEW DELHI: Describing black money as a "curse" of economy, Finance Minister Arun Jaitley today said the country will have to address the problem.

"We also must address fully the problem of black money which is curse of our economy," he said in his maiden budget speech.

The Finance Ministry has already constituted a Special Investigation Team (SIT) under the chairmanship of former Supreme Court judge Justice M B Shah.

The government has been making sustained efforts to obtain information about Indians having black money stashed abroad.

Listing out the challenges before the economy, Jaitley said the government will have to bold steps in order to enhance economic activity and spur growth in the economy.

"... we are still not out of the woods. Faced with these adversities we have no option but to undertake some bold steps in order to enhance economic activity and spur growth in the economy. These steps are only the beginning of our effort to revive the growth spirit of the Indian Economy. They are directional," he said.