Has India’s Informal Economy Really Shrunk? The Actual Story Is Different
The QuintA recent edition of “Ecowrap”, a publication of the research team of the State Bank of India, has claimed that India’s informal economy has sharply declined from 52.4 per cent in 2017-18 to between 15 and 20 per cent in 2020-21 in the three years since 2017-18. In the former, the share of the informal economy declined from nearly 75 per cent in 2017-18 to between 35-40 per cent in 2020-21, while in the latter, the decline was even larger, from nearly 87 per cent to 40-45 per cent. The share of informal economy halved in real estate and ownership of dwellings, from 53 per cent to 25 per cent. Agriculture, in which the share of the informal economy was over 91 per cent in 2017-18, witnessed a decline of nearly 30 per cent, according to SBIRT.
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