The Government of India has recently come up with an amendment to Section 6 of the Payment of Wages Act 1936, to allow employers of certain industries to make payment through various electronics modes of payments. The amendment will be applicable to all the public sector undertakings for wages disbursement using e-payment options. This is another milestone in the direction to further push to cashless economy. Identify and explain any two dimensions of business environment which relate to the above mentioned case.

Explanation

The various dimensions of business environment which relate to the above mentioned case are stated below: (any two)
(i) Political Environment Political environment includes political conditions such as general stability and peace in the country and specific attitudes that elected government representatives hold towards business. Constitution of country, political stability, government, intervention and political outlook are some components.
(ii)Legal Environment: Legal environment includes various legislations passed by the Government administrative orders issued by government authorities, court judgments as well as the decisions rendered by various commissions and agencies at every level of the government centre, state or local. It is imperative for the management of every enterprise to obey the law of the land.
(iii) Technological Environment It refers to change, taking place in method of production and use of equipment to improve the quality of product. Technological environment includes forces relating to scientific improvements and innovations which provide new ways of producing goods and services and new methods and techniques of operating a business.