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| 1. |
Difference between formal and informal sectorst |
| Answer» Formal sector in India\tIn this sector all jobs with specific working hours and regular wages and the worker’s job is assured\tIt is a licensed organization and is liable to pay taxes.\tBanks and other corporations comes under formal sectors\tRag pickers, moneylenders, brokers are considered as a part of an informal economy.\tIt is also described as the grey economy.Informal sector in India\tMajority of the population is into the informal sectors.\tInformal sectors are deemed low with low production value.\tIn India agriculture, dairy, horticulture and related occupation employ 52 percent of the workers.\tIt lacks security both legally and economically\tAbout 25 percent of the informal sectors constitute urban employment in India | |