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Context:
Background:
What is Electronic Billing (e-Billing)?
Benefits of e-Bill in Government procurement:
Rent seeking When a firm uses its resources to procure an unwarranted monetary gain from external elements, be it directly or indirectly, without giving anything in return to them or the society, it is termed as rent-seeking.
Description: Instead of creating wealth, a firm seeks to obtain financial gains from others through alteration/ manipulation of the environment where economic activities take place. A popular example for rent-seeking is political lobbying by companies. These are primarily done by companies in order to make economic gains through government action. This might be done by a company to get subsidy from the government for the product which it produces or increasing tariff rates by the government for its services, etc. Such a practice neither leads to creation of new wealth, nor does it benefit the society. |
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