With the modernization of infrastructure, the regional business is failing to compete with the ones which provide ultra modern shopping experience. In my opinion, it has quite detrimental effects on the growth and development of economy. This essay sheds some light on the negative impacts of this situation.
Firstly, by purchasing goods or services from the sophisticated shopping centres, the local vendors lose their transactions and as a consequence, we make the rich ones richer and poor ones poorer. To exemplify, the farmers who grow the grains and vegetable are still hit by poverty, whereas the modern grocery delivery services such as Nature’s basket and Big Basket are billionaires. However, the growth of an economy is reflected by the financial strength of its general public. Hence, the local products, services and business should be encouraged in order to stabilize and balance the economy.
Secondly, the buyers are bound to pay service charges, maintenance charges and many other hidden charges imposed by the malls which indirectly gives rise to inflation in the price of the product. On the contrary, local shops do not impose any such tax and sell products which are easily affordable. Therefore, encouraging small scale business is a win win situation for both individual and society. For an instance, because of the small shops the affordability of commoners increases, giving rise to more transactions and thereby the strengthening the financial growth.
In conclusion, with the closure of small shops brings economical and social imbalance among regions. Additionally, the sophisticated shopping centres take this opportunity to raise the price bar which might cause inflation
With the modernization of infrastructure, the regional business is failing to compete with the
ones
which provide ultra modern shopping experience. In my opinion, it has quite detrimental effects on the growth and development of economy. This essay sheds
some
light on the
negative
impacts of this situation.
Firstly
, by purchasing
goods
or
services
from the sophisticated shopping
centres
, the local vendors lose their transactions and as a consequence, we
make
the rich
ones
richer and poor
ones
poorer. To exemplify, the farmers who grow the grains and vegetable are
still
hit by poverty, whereas the modern grocery delivery
services
such as Nature’s basket and
Big
Basket are billionaires.
However
, the growth of an economy
is reflected
by the financial strength of its
general public
.
Hence
, the local products,
services
and business should
be encouraged
in order to stabilize and balance the economy.
Secondly
, the buyers
are bound
to pay
service
charges, maintenance charges and
many
other hidden charges imposed by the malls which
indirectly
gives rise to inflation in the price of the product.
On the contrary
, local shops do not impose any such tax and sell products which are
easily
affordable.
Therefore
, encouraging
small
scale business is a
win win
situation for both individual and society. For an instance,
because
of the
small
shops the affordability of commoners increases, giving rise to more transactions and thereby the strengthening the financial growth.
In conclusion
, with the closure of
small
shops brings economical and social imbalance among regions.
Additionally
, the sophisticated shopping
centres
take this opportunity to raise the price bar which might cause inflation