Parallel Economy

One of the most important concerns of the time is the enhancing pace of corruption in the country. As per research, India has been ranked on the 91th position. Corruption is not just confined to the under table payments and receipts of the public sector enterprises. It is rather a much wider term that includes bribery, influence peddling or procrastination of requisites and most importantly, a separate economy termed as parallel economy.

Parallel economy refers to an anti social and anti moral economy working in contradiction with the normal economic system of the country. By large, it manifests the existence of huge amounts of black money in the country. Black money refers to any source of income which is taxable, but not reported to the tax authorities or those which are earned through any unfair means.

Even after certain worthy actions have been taken by the Indian government, yet no visible positive repercussions have taken place. Unfortunately, only certain amounts have been unearthed on account of the actions including Demonetisation and voluntary disclosure scheme.

To our disappointment, success has not yet been attained in the disclosure of such money. Half of the money owned by the Swiss Bank belongs to the leaders and businessmen of our country. Though the Swiss Bank has denied to the fact, yet this bank has been a homely institution to these monetary resources earned on account of unfair means.

Conclusion

It is high time to take strict actions to overcome this type of economy. It is ruining our country’s system and it will affect the pace of development too.