Black money is a scourge on society. The presence of rapidly rising black money in our economy has serious and catastrophic consequences. Some of the most notable consequences of black money include:
1. Dual Economic System
The rise of black money in India has resulted in the continuance of economic dualism, in which a parallel economy (black money economy) coexists with the official or reported economy of the country.
At least one-fifth of all economic transactions take place in the shadow economy. It’s also difficult to tell the difference between black and white money because of the connection between reported and undeclared operations. Such a parallel economy will sabotage the country’s entire economic progress.
2. Belief in something that isn’t true
Official national income figures underestimate the true size of the economy and provide an erroneous image of the economy due to the scale of the underground economy and the growth of black income.
Estimates of national savings and consumption and assessments of other macroeconomic variables would be distorted and deceptive for good policymaking and planning because the unreported economy appears to be excluded from official records of the Gross National Product.
3. Revenue loss for the government
Tax evasion is a significant source of illicit funds. It has a direct financial impact on the government. Due to rampant tax evasion, the government is forced to rely on high taxation and deficit financing, both of which have severe economic implications.
4. Undermining the Fairness of the System
Tax evasion and the generation of black money undercut the concept of social justice by impeding the expected reduction in income gaps when the government implements progressive direct taxation to ensure that the tax burden is spread fairly. When illicit activities such as smuggling and other criminal activities are not taxed, the government will raise taxes on officially sanctioned activities.
Furthermore, tax evasion will be able to make use of public advantages without contributing the required amount, hurting social inquiry in the process. The honest must pay a high tax burden to compensate for the revenue imbalance created by black money generators’ tax avoidance.
5. Widening the Wealth Gap Between Rich and Poor
The rise of the black economy has resulted in an income distribution that is regressive across society. As illicit money grows faster, the wealthiest gain richer, and the poor get poorer. By concentrating income and wealth in a few hands, black money widens the gap between the rich and the poor.
6. Excessive Spending on Consumption
Excursions and trips, entertainment, dazzling merchandise, and the financing of expensive elections are all examples of where black money is lavishly spent. This has resulted in a host of societal issues as well as a deterioration in the lives of ordinary people.
Continue reading The Consequences Of Black Money
Christopher Ingram Forsyth County - Entrepreneurship as the process of designing, launching and running a new business or build a new buiness.
Entrepreneurship describes activities on the part of both established firms and new businesses.
Nowhere, we are going to miss this event and opportunity to meet our beloved community of Shopify enthusiasts, store owners, entrepreneurs, app developers, designers, and of course the core team of Shopify Inc.
Metizsoft Solutions is proud to say that- We have got a Shopify customer base of over 1000 clients!
This year, unlike all other years we have been to unite, we decided to have a Tag Line of Our Own- the way Unite comes up with one every year!
Yes, it is – We Help Businesses Unite with Shopify
This year too, like all other years, we are coming to Shopify Unite to become a part of what we are thankful for and to learn something new from people related to our domain.
We want to help businesses grow that will indirectly lead our company to grow.
Amazing WorkplaceSuppose you want to design the best company to work for.
What would it be like?After researching various parameters we came to the conclusion that underlying the differences of circumstance, industry, and individual ambition, an organization that operates at its fullest potential by allowing people to do their best work has six common imperatives.These parameters help you create an “Amazing Workplace.” In a nutshell, it’s a company where individual differences are nurtured; information is not suppressed or spun; the company adds value to employees, rather than merely extracting it from them; the organization stands for something meaningful; the work itself is intrinsically rewarding, and there are no illogical rules.Features of an Amazing WorkplaceLET PEOPLE BE THEMSELVESThe ideal organization is aware of dominant currents in its culture, work habits, dress code, traditions, and governing assumptions but, makes explicit efforts to transcend them.
We are talking not just about the buttoned-down financial services company that embraces the IT guys in shorts and sandals, but also the hipster organization that doesn’t look surprised when someone wears a suit.
Or the place where nearly everyone comes in at odd hours but that accommodates the one or two people who prefer a 9-to-5 schedule.UNLEASH THE FLOW OF INFORMATIONThe organization of your dreams recognizes that in the age of Facebook, WikiLeaks, and Twitter, you’re better off telling people the truth before someone else does.
It respects its employees’ need to know what’s really going on so that they can do their jobs, particularly in volatile environments.
Radical honesty is not easy to implement.
These technological advancements have given birth to a lot of businesses worldwide of all sorts.Now, building a business is not a cakewalk; there are a plethora of factors to consider in it.
Similarly, building a business also requires upfront planning and execution.The Discovery phase is that part of the business development strategy that plays a pillar role in its success.
It is estimated that around 9 out of 10 businesses fail.
There are many reasons for this, like:Lack of resourcesWrong or inexperienced team membersHigh competitionLack of an analyzed planAnd many others!
Especially if you are building software, it is crucial for you to undertake the discovery phase carefully.In this article, we’ll look at:What is Discovery Phase and does it matter in software development?What are the benefits of properly done discovery?Why do you need to conduct researches before start development stage?How to find a reliable partner to build a valuable product?Let’s roll in!What is the Discovery phase?Among the various stages of software or app development, the agile discovery phase is the foundational stage; why?
Well, there are many crucial decisions that need to be a part of it if you are thinking of developing and releasing the software.The discovery phase is the initial scoping stage of the software development process.
However, having a unique business idea is not just enough; you need business funding to let the concept flourish and become a revenue-generating machine.
Many entrepreneurs have potential business ideas but lack proper funding.
Hence, it is of utmost importance to plan your presentation pitch well in advance, as unrehearsed presentation and lack of confidence might impact your performance.
Advanced planning is the key:
Start preparing from today itself, even if the pitch date is scheduled for the next month.
The investor would certainly see whether you are capable of handling the project and taking it to the next level.
