Growth is a condition where GDP increases quicker than the employment opportunities which results in unemployment. Whereas, formalisation is a condition when an individual finds employment excess job in the informal sector and little in the informal sector of the economy.
In the Indian economy, unemployment is one of the most critical concerns of all time. This lesson will give an insight into the concept, ideas, and evaluation of the unemployment rate, its problems, and how it is different in urban and rural India.
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