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| 1. |
What is formal and informal sector |
| Answer» Formal sector in IndiaIn this sector all jobs with specific working hours and regular wages and the worker’s job is assuredIt is a licensed organization and is liable to pay taxes.Banks and other corporations comes under formal sectorsRag pickers, moneylenders, brokers are considered as a part of an informal economy.It is also described as the grey economy.Informal sector in IndiaMajority of the population is into the informal sectors.Informal sectors are deemed low with low production value.In India agriculture, dairy, horticulture and related occupation employ 52 percent of the workers.It lacks security both legally and economicallyAbout 25 percent of the informal sectors constitute urban employment in India | |