Question

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Difference between formal sector and informal sector.

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Answer 1

Formal sector is that kind of sectors which are always monitored by the government and also has been taxed ......whereas the informal sector are neither monitored by the government nor has to pay taxes.....

Answer 2

Formal sector
-under govt
-supervised by RBI
-only legal methods used to get money back
-requires more collateral
-low interest rate
eg:banks

informal sector
-all above points opposite
eg:money lenders

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