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VOL. 9, ISSUE 1 (2024)
Parallel economy's impact on various domains
Authors
Dr. Balbhadra Prasad Dewangan
Abstract
India's economy, ranked fourth globally in terms of PPP and twelfth
globally in nominal value, has experienced rapid growth since the 1990s.
However, the country faces challenges such as population, illiteracy,
unemployment, poverty, infrastructure, and the parallel economy. The parallel
economy, which includes both lawful and illicit operations, grows more in areas
constrained by corruption, regulations, or legal monopolies. Black money,
created through covert operations, is often kept hidden by the prospect of
paying taxes or facing penalties and sanctions. The parallel economy influences
various aspects of the Indian system, including sports, college admissions,
government employment, and transfers. The parallel economy contributes to
national development and raises the standard of living for the average citizen.
To manage black money, India should switch from black to white, use the
Mauritius Route, implement amnesty schemes, demonetize currency, use e-money,
have a proper tax structure, have straightforward norms and regulations, use
identity proofs and PANs, and eliminate corporate income taxation.
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Pages:42-44
How to cite this article:
Dr. Balbhadra Prasad Dewangan "Parallel economy's impact on various domains". International Journal of Advanced Research and Development, Vol 9, Issue 1, 2024, Pages 42-44
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