BUSINESS ENVIROMENT — OCM STD 12 Commerce — Question
Gujarat BoardEnglish MediumSTD 12 CommerceOCMBUSINESS ENVIROMENT3 Marks
Question
Write a note on legal factors affecting business environment.
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Answer
Legal factors affecting business environment:
Acts approved by the Parliament and/or the Assembly which then become laws become the legal factors that affect the economy of the nation. Every business unit need to follow these acts.
In order to boost business as well as maintain social welfare, the government passes various laws.
Industrial Development and Regulation Act $1951,$ Essential Commodities Act $1955,$ Trade Mark Act $1969,$ Standard of Weights and Measures Act $1969,$ Consumer Protection Act $1986,$ etc. are few examples of trade related laws passed by the government.
As per the need of the hour, the government also amends the laws and at times removes the unnecessary laws. For example, when the government amended Monopolies and Restrictive Trade Practices $(MRTP)$ Act $1951,$ several Indian companies could grow and make themselves at par with international companies.
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