The economic development of India was dominated by socialist-influenced policies, state-owned sectors, and red tape & extensive regulations, collectively known as "License Raj". It led the country and its economy isolated from the world economy. read more
Taxation has a key role in a modern economy. Listed below are the ways in which governments can use taxation in a modern economy:- Revenue generation: - Taxation is used by the government to raise revenues for its operations, infrastructure, welfare, education defense (Carnell, 2010). read more