Formalizing the Informal Economy Need for Comprehensive Reforms - By Dr. Amarjeet Bhargava
General Studies Paper 3/UPSC Mains/Issue Analysis Articles/Formalizing the Informal Economy Need for Comprehensive Reforms
To encourage formalization of the Indian economy, the government needs to simplify regulatory processes, reduce compliance burden, provide incentives, promote skill development programs and create an enabling business environment. Additionally, making stakeholders aware of the benefits of the formal economy and regulation of institutional factors to transform the economic activities are also important.
According to the 'India Employment Report 2024' released by the Institute of Human Development (IHD) and the International Labour Organization (ILO), about 81.1% of India's workforce belongs to the informal sectors of the economy. ....
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