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Context: Ignoring problems in the informal sector can be costly as it can lead to job and wage losses, higher inflation and even risk the livelihood of migrant workers.
Informal sector scenario in India
Impact of COVID
On Formal sector: They make up 20% of the workforce. The salaries of individuals working at large listed firms in the formal sector have held up relatively better, though they are lower than the pre-pandemic trend.
On Informal agricultural sector: This sector employs 40% of the workforce. Rural wages have held up well over the pandemic, led by good monsoons, an exemption to the food trade from the various lockdowns, and more recently, higher agricultural exports.
On Informal non-agricultural sector: The prospects for the 40% in the informal non-agricultural sector is the most worrying. These workers are most vulnerable, as they have suffered the maximum impact of the economic disruption that the pandemic has unleashed.
What does this mean for economic growth?
By: Shubham Tiwari ProfileResourcesReport error
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