Question

What are the advantages and the disadvantages of black money on economic development?

Answer 1

Answer:

Black money is a socioeconomic evil. The existence of rapidly growing black money in our economy has grave and disastrous consequences.

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Answer 2

Answer:

Advantages of Black Money on Economic Development:-

1. The shadow economy provides jobs and income to people who might not have a good options in the legitimate economy.
2. It allows people to afford medicine, health services, and other essential products they could never obtain otherwise.
3. It also helps countries survive economic downturns.

Disadvantages of Black Money on Economic Development:-

1. The shadow economy drives out legitimate industries that can't compete with the lower costs of illegal operations.
2. The tax-free nature of the black market means the government loses revenue.
3. Workers don't receive benefits or legal protection, as a result, many are exploited.

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