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What is difference between informal and formal sector

Posted by Mayank Shriya 4 years, 6 months ago

CBSE > Class 10 > Social Science

1 answers

Sia ? 4 years, 6 months ago

Formal sector in India

In this sector all jobs with specific working hours and regular wages and the worker’s job is assured
It is a licensed organization and is liable to pay taxes.
Banks and other corporations comes under formal sectors
Rag pickers, moneylenders, brokers are considered as a part of an informal economy.
It is also described as the grey economy.

Informal sector in India

Majority 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 economically
About 25 percent of the informal sectors constitute urban employment in India

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CBSE > Class 10 > Social Science