IGNOU MEDS 42 2017 - What do you understand by informal sector? What is the contribution of

Question

What do you understand by informal sector? What is the contribution of informal sector to urban employment?

21 Aug 2017

Answer :

Word Count : 297

The informal sector, informal economy, or grey economy is the part of an economy that is neither taxed, nor monitored by any form of government. Unlike the formal economy, activities of the informal economy are not included in the gross national product (GNP) and gross domestic product (GDP) of a country. The informal sector can be described as agrey market in labour.

Other concepts which can be characterized as informal sector can include the black market (shadow economy, underground economy), agorism, and System D. Associated idioms

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