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
