B Com Exam > B Com Videos > Business Environment > Parallel Economy - Problem of Growth, Business Environment
Parallel Economy - Problem of Growth, Business Environment Video Lecture | Business Environment - B Com
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FAQs on Parallel Economy - Problem of Growth, Business Environment Video Lecture - Business Environment - B Com
| 1. What is a parallel economy? |  |
Ans. A parallel economy refers to an unofficial or unregulated economic system that operates alongside the formal economy of a country. It involves economic activities that are not recorded or reported to the government, often leading to tax evasion and illegal transactions.
| 2. What are the problems associated with a parallel economy? | |
Ans. The problems associated with a parallel economy include a loss of tax revenue for the government, reduced economic growth, increased income inequality, and a lack of regulation and oversight. It can also lead to increased corruption and organized crime.
| 3. How does a parallel economy affect the growth of a country? | |
Ans. A parallel economy can hinder the growth of a country in several ways. It reduces the tax base, leading to a shortfall in government revenue that could have been used for public welfare and infrastructure development. It also distorts market competition, as businesses operating in the parallel economy often have an unfair advantage over those in the formal sector.
| 4. What is the impact of a parallel economy on the business environment? | |
Ans. The presence of a parallel economy negatively impacts the business environment. It creates an uneven playing field for businesses, with those in the formal sector being at a disadvantage. It also hampers the credibility and trustworthiness of the overall business environment, making it harder for legitimate businesses to thrive.
| 5. How can the problem of a parallel economy be addressed? | |
Ans. Addressing the problem of a parallel economy requires a multi-faceted approach. It involves implementing effective tax policies, improving tax administration and enforcement, promoting financial inclusion, enhancing transparency and accountability, and creating a favorable business environment that encourages formal economic activities. Additionally, raising awareness about the negative consequences of participating in the parallel economy can also help discourage its growth.
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Dec 19, 2024 Last updated |
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