explain formal sectar
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A formal sector of the economy is a well defined sector or an organized sector that contributes to the gross national product (GNP) and gross domestic product (GDP) of the country. It is also taxed and monitored by the government.
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formal sector is a organized sector which is supervised by laws. here (acc to class 10 money n credit) they demand the terms of credit such as collateral, proper documentation, income sources, mode of repayment and credit. mostly the rich people n well off ones go there to get loans.
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