Which of the following statement is incorrect ?

Foreign Exchange Management Act 1947 and Factories Act 1948 is a part of Economic environment.

The correct answer is option (1) : Foreign Exchange Management Act 1947 and Factories Act 1948 is a part of Economic environment.

The incorrect statement among the options is:

1. Foreign Exchange Management Act 1947 and Factories Act 1948 is a part of Economic environment.

This statement is incorrect because the Foreign Exchange Management Act 1947 and the Factories Act 1948 are not part of the economic
environment. They are legal and regulatory frameworks that fall under the legal environment. The economic environment typically includes factors such as economic policies, inflation rates, exchange rates, economic growth, and the overall economic conditions in a country.

Certainly, here's an explanation of the other statements:

2. Legislations passed by the Government authorities is a part of Legal environment. - This statement is correct. Legislation and
regulations passed by government authorities, such as laws related to business operations, taxation, employment, and other legal frameworks, are an integral part of the legal environment in which businesses operate.

3. Peace and stability in the country is a part of the political environment.

- This statement is correct. The political environment encompasses factors related to the stability of the government, political decisions, policies, and their impact on businesses. Peace and stability in a country are crucial aspects of the political environment because they influence the overall business climate and the ability to operate without disruptions.

4. Customs, traditions, and values are part of the Social environment. - This statement is correct. The social environment includes elements like customs, traditions, societal values, demographics, cultural norms, and consumer behavior. These factors can significantly impact a business's marketing, product development, and overall approach to engaging with the community.

In summary, statements 2, 3, and 4 are all correct, and statement 1 is incorrect as it incorrectly categorizes legal regulations as part of the economic environment.