distinguish between urban formal and informal sector
Answers
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
Explanation:
Formal sectors represent all jobs with specific working hours and regular wages and the worker's job is assured. ... Conversely, informal or unorganized sectors are the ones where the employees or the workers do not have regular working hours and wages and are exempted from taxes.