The Indian economy has continuously recorded high growth rates and has become an attractive destination for investments; but the recent unearthing of corruption cases has thrown light on the dark side of the growth that is rise of the black money circulation in the economy. When economic activities goes unreported or not measured by societies current techniques to monitor economic activity it falls under parallel economy. Money that have neither been reported to the public authorities at the time of their generation or at any time of possession; no taxes have been paid on it. Also known as Phantom trades or Shadow economy. The Indian black economy is immense, lucrative, widespread, and has grown significantly since independence.
Examples of Parallelism in Literature and Rhetoric
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A black market , underground economy or shadow economy , is a clandestine market or series of transactions that has some aspect of illegality or is characterized by some form of noncompliant behavior with an institutional set of rules. If the rule defines the set of goods and services whose production and distribution is prohibited by law, non-compliance with the rule constitutes a black market trade since the transaction itself is illegal. Parties engaging in the production or distribution of prohibited goods and services are members of the illegal economy. Examples include the drug trade, prostitution where prohibited , illegal currency transactions and human trafficking. Because tax evasion or participation in a black market activity is illegal, participants will attempt to hide their behavior from the government or regulatory authority.
Causes of Parallel Economy in India
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This article explains the meaning, causing factor, and legality of the parallel economy. The parallel economy also expressed as the menace to our economy has been deeply rooted in our economic systems. The unaccounted money that is being hidden from the tax administrators is known as the black money. In India, the black economy has established its roots so deep that it might be a waste of time even if someone would like to bring about a change.