Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 73
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::printArticle() - APP/Controller/ArtileDetailController.php, line 73
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 88
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 74
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::printArticle() - APP/Controller/ArtileDetailController.php, line 74
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 88
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
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    <link rel="canonical" href="https://im4change.in/<pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr67ee0242ac6ce-trace').style.display = (document.getElementById('cakeErr67ee0242ac6ce-trace').style.display == 'none' ? '' : 'none');"><b>Notice</b> (8)</a>: Undefined variable: urlPrefix [<b>APP/Template/Layout/printlayout.ctp</b>, line <b>8</b>]<div id="cakeErr67ee0242ac6ce-trace" class="cake-stack-trace" style="display: none;"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr67ee0242ac6ce-code').style.display = (document.getElementById('cakeErr67ee0242ac6ce-code').style.display == 'none' ? '' : 'none')">Code</a> <a href="javascript:void(0);" onclick="document.getElementById('cakeErr67ee0242ac6ce-context').style.display = (document.getElementById('cakeErr67ee0242ac6ce-context').style.display == 'none' ? '' : 'none')">Context</a><pre id="cakeErr67ee0242ac6ce-code" class="cake-code-dump" style="display: none;"><code><span style="color: #000000"><span style="color: #0000BB"></span><span style="color: #007700">&lt;</span><span style="color: #0000BB">head</span><span style="color: #007700">&gt;
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&lt;p style=&quot;text-align:justify&quot;&gt;&lt;em&gt;Greater formalisation will see a shift from low-paying, labour-intensive jobs in informal sector to more productive, formal-sector jobs. This could lead to disruption in short term.&lt;/em&gt;&lt;/p&gt;

&lt;p style=&quot;text-align:justify&quot;&gt;A &lt;a href=&quot;https://im4change.org/upload/files/SBI%20Ecowrap%20Informal%20Sector%201%20November%202021%281%29.pdf&quot;&gt;report&lt;/a&gt; issued by the State Bank of India (SBI) last month estimated that India&amp;rsquo;s informal economy has shrunk to 15-20 percent of the GDP in 2020-21 from 52 percent in 2017-18. The report uses employment and digitisation to assess the extent of formalization in the economy. The report finds that Rs 13 lakh crore has come under the formal economy through various channels over the last few years.&amp;nbsp;&lt;/p&gt;

&lt;p style=&quot;text-align:justify&quot;&gt;This raises the important question of what the formal sector is. Formalisation has alternatively been understood to be a move to formal finance such as banks or digital payment systems, an increase in the share of output produced by firms in the tax net, an increase in the number of employees in registered enterprises, or an increase in GDP produced in enterprises that are part of the tax net.&amp;nbsp;&lt;/p&gt;

&lt;p style=&quot;text-align:justify&quot;&gt;&amp;lsquo;Formal&amp;rsquo; measured by financial transactions&amp;nbsp;&lt;br /&gt;
In the SBI report, the measure used appears to be the use of digital channels or formal finance.&amp;nbsp;&lt;/p&gt;

&lt;p style=&quot;text-align:justify&quot;&gt;The use of digital payments, formalisation of agricultural credit through Kisan Credit Cards and the increase in online purchases during the last three years have contributed to increasing the share of transactions made using formal finance.&amp;nbsp;&lt;/p&gt;

&lt;p style=&quot;text-align:justify&quot;&gt;A combination of demonetisation and implementation of GST set the pace for cashless transactions in business and reduced the cash intensity of the economy. These reforms triggered a process of transformation of the economy from one that is typically dominated by cash to one in which the formal finance or banks and payment banks have a larger role.&amp;nbsp;&lt;/p&gt;

&lt;p style=&quot;text-align:justify&quot;&gt;Though these laid the foundations, it was the Covid-19 pandemic that provided a further opportunity to accelerate the process of digitalisation. Formalisation got a boost during this time through the greater proliferation of digital transactions. Concerns over contracting infection propelled people not only in metros but also in small towns to shift to digital payments. Digital payments touched a record high from all channels from the United Payments Interface (UPI) and the Aadhaar-enabled Payment System (AePS).&lt;/p&gt;

&lt;p style=&quot;text-align:justify&quot;&gt;Please &lt;a href=&quot;https://theprint.in/ilanomics/how-indias-informal-economy-is-shrinking-and-why-thats-good-news-in-the-long-term/761659/?amp&amp;amp;fbclid=IwAR1zmLrMiip2IMfWstZIW8O8BakdBYW9dFVnHLyh4rbMMcK1MmPvp-7Zr14&quot;&gt;click here&lt;/a&gt; to read more.&amp;nbsp;&lt;/p&gt;
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Greater formalisation will see a shift from low-paying, labour-intensive jobs in informal sector to more productive, formal-sector jobs. This could lead to disruption in short term.

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	&#039;disp&#039; =&gt; &#039;&lt;p style=&quot;text-align:justify&quot;&gt;-ThePrint.in&lt;/p&gt;&lt;p style=&quot;text-align:justify&quot;&gt;&lt;em&gt;Greater formalisation will see a shift from low-paying, labour-intensive jobs in informal sector to more productive, formal-sector jobs. This could lead to disruption in short term.&lt;/em&gt;&lt;/p&gt;&lt;p style=&quot;text-align:justify&quot;&gt;A &lt;a href=&quot;https://im4change.org/upload/files/SBI%20Ecowrap%20Informal%20Sector%201%20November%202021%281%29.pdf&quot; title=&quot;https://im4change.org/upload/files/SBI%20Ecowrap%20Informal%20Sector%201%20November%202021%281%29.pdf&quot;&gt;report&lt;/a&gt; issued by the State Bank of India (SBI) last month estimated that India&amp;rsquo;s informal economy has shrunk to 15-20 percent of the GDP in 2020-21 from 52 percent in 2017-18. The report uses employment and digitisation to assess the extent of formalization in the economy. The report finds that Rs 13 lakh crore has come under the formal economy through various channels over the last few years.&amp;nbsp;&lt;/p&gt;&lt;p style=&quot;text-align:justify&quot;&gt;This raises the important question of what the formal sector is. Formalisation has alternatively been understood to be a move to formal finance such as banks or digital payment systems, an increase in the share of output produced by firms in the tax net, an increase in the number of employees in registered enterprises, or an increase in GDP produced in enterprises that are part of the tax net.&amp;nbsp;&lt;/p&gt;&lt;p style=&quot;text-align:justify&quot;&gt;&amp;lsquo;Formal&amp;rsquo; measured by financial transactions&amp;nbsp;&lt;br /&gt;In the SBI report, the measure used appears to be the use of digital channels or formal finance.&amp;nbsp;&lt;/p&gt;&lt;p style=&quot;text-align:justify&quot;&gt;The use of digital payments, formalisation of agricultural credit through Kisan Credit Cards and the increase in online purchases during the last three years have contributed to increasing the share of transactions made using formal finance.&amp;nbsp;&lt;/p&gt;&lt;p style=&quot;text-align:justify&quot;&gt;A combination of demonetisation and implementation of GST set the pace for cashless transactions in business and reduced the cash intensity of the economy. These reforms triggered a process of transformation of the economy from one that is typically dominated by cash to one in which the formal finance or banks and payment banks have a larger role.&amp;nbsp;&lt;/p&gt;&lt;p style=&quot;text-align:justify&quot;&gt;Though these laid the foundations, it was the Covid-19 pandemic that provided a further opportunity to accelerate the process of digitalisation. Formalisation got a boost during this time through the greater proliferation of digital transactions. Concerns over contracting infection propelled people not only in metros but also in small towns to shift to digital payments. Digital payments touched a record high from all channels from the United Payments Interface (UPI) and the Aadhaar-enabled Payment System (AePS).&lt;/p&gt;&lt;p style=&quot;text-align:justify&quot;&gt;Please &lt;a href=&quot;https://theprint.in/ilanomics/how-indias-informal-economy-is-shrinking-and-why-thats-good-news-in-the-long-term/761659/?amp&amp;amp;fbclid=IwAR1zmLrMiip2IMfWstZIW8O8BakdBYW9dFVnHLyh4rbMMcK1MmPvp-7Zr14&quot; title=&quot;https://theprint.in/ilanomics/how-indias-informal-economy-is-shrinking-and-why-thats-good-news-in-the-long-term/761659/?amp&amp;amp;fbclid=IwAR1zmLrMiip2IMfWstZIW8O8BakdBYW9dFVnHLyh4rbMMcK1MmPvp-7Zr14&quot;&gt;click here&lt;/a&gt; to read more.&amp;nbsp;&lt;/p&gt;&#039;,
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&lt;p style=&quot;text-align:justify&quot;&gt;&lt;em&gt;Greater formalisation will see a shift from low-paying, labour-intensive jobs in informal sector to more productive, formal-sector jobs. This could lead to disruption in short term.&lt;/em&gt;&lt;/p&gt;

&lt;p style=&quot;text-align:justify&quot;&gt;A &lt;a href=&quot;https://im4change.org/upload/files/SBI%20Ecowrap%20Informal%20Sector%201%20November%202021%281%29.pdf&quot;&gt;report&lt;/a&gt; issued by the State Bank of India (SBI) last month estimated that India&amp;rsquo;s informal economy has shrunk to 15-20 percent of the GDP in 2020-21 from 52 percent in 2017-18. The report uses employment and digitisation to assess the extent of formalization in the economy. The report finds that Rs 13 lakh crore has come under the formal economy through various channels over the last few years.&amp;nbsp;&lt;/p&gt;

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&lt;p style=&quot;text-align:justify&quot;&gt;&amp;lsquo;Formal&amp;rsquo; measured by financial transactions&amp;nbsp;&lt;br /&gt;
In the SBI report, the measure used appears to be the use of digital channels or formal finance.&amp;nbsp;&lt;/p&gt;

&lt;p style=&quot;text-align:justify&quot;&gt;The use of digital payments, formalisation of agricultural credit through Kisan Credit Cards and the increase in online purchases during the last three years have contributed to increasing the share of transactions made using formal finance.&amp;nbsp;&lt;/p&gt;

&lt;p style=&quot;text-align:justify&quot;&gt;A combination of demonetisation and implementation of GST set the pace for cashless transactions in business and reduced the cash intensity of the economy. These reforms triggered a process of transformation of the economy from one that is typically dominated by cash to one in which the formal finance or banks and payment banks have a larger role.&amp;nbsp;&lt;/p&gt;

&lt;p style=&quot;text-align:justify&quot;&gt;Though these laid the foundations, it was the Covid-19 pandemic that provided a further opportunity to accelerate the process of digitalisation. Formalisation got a boost during this time through the greater proliferation of digital transactions. Concerns over contracting infection propelled people not only in metros but also in small towns to shift to digital payments. Digital payments touched a record high from all channels from the United Payments Interface (UPI) and the Aadhaar-enabled Payment System (AePS).&lt;/p&gt;

&lt;p style=&quot;text-align:justify&quot;&gt;Please &lt;a href=&quot;https://theprint.in/ilanomics/how-indias-informal-economy-is-shrinking-and-why-thats-good-news-in-the-long-term/761659/?amp&amp;amp;fbclid=IwAR1zmLrMiip2IMfWstZIW8O8BakdBYW9dFVnHLyh4rbMMcK1MmPvp-7Zr14&quot;&gt;click here&lt;/a&gt; to read more.&amp;nbsp;&lt;/p&gt;
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Greater formalisation will see a shift from low-paying, labour-intensive jobs in informal sector to more productive, formal-sector jobs. This could lead to disruption in short term.

A report issued by the State Bank of India (SBI) last month estimated that India&amp;rsquo;s...&#039;
$disp = &#039;&lt;p style=&quot;text-align:justify&quot;&gt;-ThePrint.in&lt;/p&gt;&lt;p style=&quot;text-align:justify&quot;&gt;&lt;em&gt;Greater formalisation will see a shift from low-paying, labour-intensive jobs in informal sector to more productive, formal-sector jobs. This could lead to disruption in short term.&lt;/em&gt;&lt;/p&gt;&lt;p style=&quot;text-align:justify&quot;&gt;A &lt;a href=&quot;https://im4change.org/upload/files/SBI%20Ecowrap%20Informal%20Sector%201%20November%202021%281%29.pdf&quot; title=&quot;https://im4change.org/upload/files/SBI%20Ecowrap%20Informal%20Sector%201%20November%202021%281%29.pdf&quot;&gt;report&lt;/a&gt; issued by the State Bank of India (SBI) last month estimated that India&amp;rsquo;s informal economy has shrunk to 15-20 percent of the GDP in 2020-21 from 52 percent in 2017-18. The report uses employment and digitisation to assess the extent of formalization in the economy. The report finds that Rs 13 lakh crore has come under the formal economy through various channels over the last few years.&amp;nbsp;&lt;/p&gt;&lt;p style=&quot;text-align:justify&quot;&gt;This raises the important question of what the formal sector is. Formalisation has alternatively been understood to be a move to formal finance such as banks or digital payment systems, an increase in the share of output produced by firms in the tax net, an increase in the number of employees in registered enterprises, or an increase in GDP produced in enterprises that are part of the tax net.&amp;nbsp;&lt;/p&gt;&lt;p style=&quot;text-align:justify&quot;&gt;&amp;lsquo;Formal&amp;rsquo; measured by financial transactions&amp;nbsp;&lt;br /&gt;In the SBI report, the measure used appears to be the use of digital channels or formal finance.&amp;nbsp;&lt;/p&gt;&lt;p style=&quot;text-align:justify&quot;&gt;The use of digital payments, formalisation of agricultural credit through Kisan Credit Cards and the increase in online purchases during the last three years have contributed to increasing the share of transactions made using formal finance.&amp;nbsp;&lt;/p&gt;&lt;p style=&quot;text-align:justify&quot;&gt;A combination of demonetisation and implementation of GST set the pace for cashless transactions in business and reduced the cash intensity of the economy. These reforms triggered a process of transformation of the economy from one that is typically dominated by cash to one in which the formal finance or banks and payment banks have a larger role.&amp;nbsp;&lt;/p&gt;&lt;p style=&quot;text-align:justify&quot;&gt;Though these laid the foundations, it was the Covid-19 pandemic that provided a further opportunity to accelerate the process of digitalisation. Formalisation got a boost during this time through the greater proliferation of digital transactions. Concerns over contracting infection propelled people not only in metros but also in small towns to shift to digital payments. Digital payments touched a record high from all channels from the United Payments Interface (UPI) and the Aadhaar-enabled Payment System (AePS).&lt;/p&gt;&lt;p style=&quot;text-align:justify&quot;&gt;Please &lt;a href=&quot;https://theprint.in/ilanomics/how-indias-informal-economy-is-shrinking-and-why-thats-good-news-in-the-long-term/761659/?amp&amp;amp;fbclid=IwAR1zmLrMiip2IMfWstZIW8O8BakdBYW9dFVnHLyh4rbMMcK1MmPvp-7Zr14&quot; title=&quot;https://theprint.in/ilanomics/how-indias-informal-economy-is-shrinking-and-why-thats-good-news-in-the-long-term/761659/?amp&amp;amp;fbclid=IwAR1zmLrMiip2IMfWstZIW8O8BakdBYW9dFVnHLyh4rbMMcK1MmPvp-7Zr14&quot;&gt;click here&lt;/a&gt; to read more.&amp;nbsp;&lt;/p&gt;&#039;
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Greater formalisation will see a shift from low-paying, labour-intensive jobs in informal sector to more productive, formal-sector jobs. This could lead to disruption in short term.

A report issued by the State Bank of India (SBI) last month estimated that India&rsquo;s..."/>
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                <strong>How India’s informal economy is shrinking, and why that’s good news in the long term -Ila Patnaik and Radhika Pandey</strong></h1>
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                <p style="text-align:justify">-ThePrint.in</p><p style="text-align:justify"><em>Greater formalisation will see a shift from low-paying, labour-intensive jobs in informal sector to more productive, formal-sector jobs. This could lead to disruption in short term.</em></p><p style="text-align:justify">A <a href="https://im4change.org/upload/files/SBI%20Ecowrap%20Informal%20Sector%201%20November%202021%281%29.pdf" title="https://im4change.org/upload/files/SBI%20Ecowrap%20Informal%20Sector%201%20November%202021%281%29.pdf">report</a> issued by the State Bank of India (SBI) last month estimated that India&rsquo;s informal economy has shrunk to 15-20 percent of the GDP in 2020-21 from 52 percent in 2017-18. The report uses employment and digitisation to assess the extent of formalization in the economy. The report finds that Rs 13 lakh crore has come under the formal economy through various channels over the last few years.&nbsp;</p><p style="text-align:justify">This raises the important question of what the formal sector is. Formalisation has alternatively been understood to be a move to formal finance such as banks or digital payment systems, an increase in the share of output produced by firms in the tax net, an increase in the number of employees in registered enterprises, or an increase in GDP produced in enterprises that are part of the tax net.&nbsp;</p><p style="text-align:justify">&lsquo;Formal&rsquo; measured by financial transactions&nbsp;<br />In the SBI report, the measure used appears to be the use of digital channels or formal finance.&nbsp;</p><p style="text-align:justify">The use of digital payments, formalisation of agricultural credit through Kisan Credit Cards and the increase in online purchases during the last three years have contributed to increasing the share of transactions made using formal finance.&nbsp;</p><p style="text-align:justify">A combination of demonetisation and implementation of GST set the pace for cashless transactions in business and reduced the cash intensity of the economy. These reforms triggered a process of transformation of the economy from one that is typically dominated by cash to one in which the formal finance or banks and payment banks have a larger role.&nbsp;</p><p style="text-align:justify">Though these laid the foundations, it was the Covid-19 pandemic that provided a further opportunity to accelerate the process of digitalisation. Formalisation got a boost during this time through the greater proliferation of digital transactions. Concerns over contracting infection propelled people not only in metros but also in small towns to shift to digital payments. Digital payments touched a record high from all channels from the United Payments Interface (UPI) and the Aadhaar-enabled Payment System (AePS).</p><p style="text-align:justify">Please <a href="https://theprint.in/ilanomics/how-indias-informal-economy-is-shrinking-and-why-thats-good-news-in-the-long-term/761659/?amp&amp;fbclid=IwAR1zmLrMiip2IMfWstZIW8O8BakdBYW9dFVnHLyh4rbMMcK1MmPvp-7Zr14" title="https://theprint.in/ilanomics/how-indias-informal-economy-is-shrinking-and-why-thats-good-news-in-the-long-term/761659/?amp&amp;fbclid=IwAR1zmLrMiip2IMfWstZIW8O8BakdBYW9dFVnHLyh4rbMMcK1MmPvp-7Zr14">click here</a> to read more.&nbsp;</p>               </font>
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&lt;p style=&quot;text-align:justify&quot;&gt;&lt;em&gt;Greater formalisation will see a shift from low-paying, labour-intensive jobs in informal sector to more productive, formal-sector jobs. This could lead to disruption in short term.&lt;/em&gt;&lt;/p&gt;

&lt;p style=&quot;text-align:justify&quot;&gt;A &lt;a href=&quot;https://im4change.org/upload/files/SBI%20Ecowrap%20Informal%20Sector%201%20November%202021%281%29.pdf&quot;&gt;report&lt;/a&gt; issued by the State Bank of India (SBI) last month estimated that India&amp;rsquo;s informal economy has shrunk to 15-20 percent of the GDP in 2020-21 from 52 percent in 2017-18. The report uses employment and digitisation to assess the extent of formalization in the economy. The report finds that Rs 13 lakh crore has come under the formal economy through various channels over the last few years.&amp;nbsp;&lt;/p&gt;

&lt;p style=&quot;text-align:justify&quot;&gt;This raises the important question of what the formal sector is. Formalisation has alternatively been understood to be a move to formal finance such as banks or digital payment systems, an increase in the share of output produced by firms in the tax net, an increase in the number of employees in registered enterprises, or an increase in GDP produced in enterprises that are part of the tax net.&amp;nbsp;&lt;/p&gt;

&lt;p style=&quot;text-align:justify&quot;&gt;&amp;lsquo;Formal&amp;rsquo; measured by financial transactions&amp;nbsp;&lt;br /&gt;
In the SBI report, the measure used appears to be the use of digital channels or formal finance.&amp;nbsp;&lt;/p&gt;

&lt;p style=&quot;text-align:justify&quot;&gt;The use of digital payments, formalisation of agricultural credit through Kisan Credit Cards and the increase in online purchases during the last three years have contributed to increasing the share of transactions made using formal finance.&amp;nbsp;&lt;/p&gt;

&lt;p style=&quot;text-align:justify&quot;&gt;A combination of demonetisation and implementation of GST set the pace for cashless transactions in business and reduced the cash intensity of the economy. These reforms triggered a process of transformation of the economy from one that is typically dominated by cash to one in which the formal finance or banks and payment banks have a larger role.&amp;nbsp;&lt;/p&gt;

&lt;p style=&quot;text-align:justify&quot;&gt;Though these laid the foundations, it was the Covid-19 pandemic that provided a further opportunity to accelerate the process of digitalisation. Formalisation got a boost during this time through the greater proliferation of digital transactions. Concerns over contracting infection propelled people not only in metros but also in small towns to shift to digital payments. Digital payments touched a record high from all channels from the United Payments Interface (UPI) and the Aadhaar-enabled Payment System (AePS).&lt;/p&gt;

&lt;p style=&quot;text-align:justify&quot;&gt;Please &lt;a href=&quot;https://theprint.in/ilanomics/how-indias-informal-economy-is-shrinking-and-why-thats-good-news-in-the-long-term/761659/?amp&amp;amp;fbclid=IwAR1zmLrMiip2IMfWstZIW8O8BakdBYW9dFVnHLyh4rbMMcK1MmPvp-7Zr14&quot;&gt;click here&lt;/a&gt; to read more.&amp;nbsp;&lt;/p&gt;
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Greater formalisation will see a shift from low-paying, labour-intensive jobs in informal sector to more productive, formal-sector jobs. This could lead to disruption in short term.

A report issued by the State Bank of India (SBI) last month estimated that India&amp;rsquo;s...&#039;,
	&#039;disp&#039; =&gt; &#039;&lt;p style=&quot;text-align:justify&quot;&gt;-ThePrint.in&lt;/p&gt;&lt;p style=&quot;text-align:justify&quot;&gt;&lt;em&gt;Greater formalisation will see a shift from low-paying, labour-intensive jobs in informal sector to more productive, formal-sector jobs. This could lead to disruption in short term.&lt;/em&gt;&lt;/p&gt;&lt;p style=&quot;text-align:justify&quot;&gt;A &lt;a href=&quot;https://im4change.org/upload/files/SBI%20Ecowrap%20Informal%20Sector%201%20November%202021%281%29.pdf&quot; title=&quot;https://im4change.org/upload/files/SBI%20Ecowrap%20Informal%20Sector%201%20November%202021%281%29.pdf&quot;&gt;report&lt;/a&gt; issued by the State Bank of India (SBI) last month estimated that India&amp;rsquo;s informal economy has shrunk to 15-20 percent of the GDP in 2020-21 from 52 percent in 2017-18. The report uses employment and digitisation to assess the extent of formalization in the economy. The report finds that Rs 13 lakh crore has come under the formal economy through various channels over the last few years.&amp;nbsp;&lt;/p&gt;&lt;p style=&quot;text-align:justify&quot;&gt;This raises the important question of what the formal sector is. Formalisation has alternatively been understood to be a move to formal finance such as banks or digital payment systems, an increase in the share of output produced by firms in the tax net, an increase in the number of employees in registered enterprises, or an increase in GDP produced in enterprises that are part of the tax net.&amp;nbsp;&lt;/p&gt;&lt;p style=&quot;text-align:justify&quot;&gt;&amp;lsquo;Formal&amp;rsquo; measured by financial transactions&amp;nbsp;&lt;br /&gt;In the SBI report, the measure used appears to be the use of digital channels or formal finance.&amp;nbsp;&lt;/p&gt;&lt;p style=&quot;text-align:justify&quot;&gt;The use of digital payments, formalisation of agricultural credit through Kisan Credit Cards and the increase in online purchases during the last three years have contributed to increasing the share of transactions made using formal finance.&amp;nbsp;&lt;/p&gt;&lt;p style=&quot;text-align:justify&quot;&gt;A combination of demonetisation and implementation of GST set the pace for cashless transactions in business and reduced the cash intensity of the economy. These reforms triggered a process of transformation of the economy from one that is typically dominated by cash to one in which the formal finance or banks and payment banks have a larger role.&amp;nbsp;&lt;/p&gt;&lt;p style=&quot;text-align:justify&quot;&gt;Though these laid the foundations, it was the Covid-19 pandemic that provided a further opportunity to accelerate the process of digitalisation. Formalisation got a boost during this time through the greater proliferation of digital transactions. Concerns over contracting infection propelled people not only in metros but also in small towns to shift to digital payments. Digital payments touched a record high from all channels from the United Payments Interface (UPI) and the Aadhaar-enabled Payment System (AePS).&lt;/p&gt;&lt;p style=&quot;text-align:justify&quot;&gt;Please &lt;a href=&quot;https://theprint.in/ilanomics/how-indias-informal-economy-is-shrinking-and-why-thats-good-news-in-the-long-term/761659/?amp&amp;amp;fbclid=IwAR1zmLrMiip2IMfWstZIW8O8BakdBYW9dFVnHLyh4rbMMcK1MmPvp-7Zr14&quot; title=&quot;https://theprint.in/ilanomics/how-indias-informal-economy-is-shrinking-and-why-thats-good-news-in-the-long-term/761659/?amp&amp;amp;fbclid=IwAR1zmLrMiip2IMfWstZIW8O8BakdBYW9dFVnHLyh4rbMMcK1MmPvp-7Zr14&quot;&gt;click here&lt;/a&gt; to read more.&amp;nbsp;&lt;/p&gt;&#039;,
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&lt;p style=&quot;text-align:justify&quot;&gt;&lt;em&gt;Greater formalisation will see a shift from low-paying, labour-intensive jobs in informal sector to more productive, formal-sector jobs. This could lead to disruption in short term.&lt;/em&gt;&lt;/p&gt;

&lt;p style=&quot;text-align:justify&quot;&gt;A &lt;a href=&quot;https://im4change.org/upload/files/SBI%20Ecowrap%20Informal%20Sector%201%20November%202021%281%29.pdf&quot;&gt;report&lt;/a&gt; issued by the State Bank of India (SBI) last month estimated that India&amp;rsquo;s informal economy has shrunk to 15-20 percent of the GDP in 2020-21 from 52 percent in 2017-18. The report uses employment and digitisation to assess the extent of formalization in the economy. The report finds that Rs 13 lakh crore has come under the formal economy through various channels over the last few years.&amp;nbsp;&lt;/p&gt;

&lt;p style=&quot;text-align:justify&quot;&gt;This raises the important question of what the formal sector is. Formalisation has alternatively been understood to be a move to formal finance such as banks or digital payment systems, an increase in the share of output produced by firms in the tax net, an increase in the number of employees in registered enterprises, or an increase in GDP produced in enterprises that are part of the tax net.&amp;nbsp;&lt;/p&gt;

&lt;p style=&quot;text-align:justify&quot;&gt;&amp;lsquo;Formal&amp;rsquo; measured by financial transactions&amp;nbsp;&lt;br /&gt;
In the SBI report, the measure used appears to be the use of digital channels or formal finance.&amp;nbsp;&lt;/p&gt;

&lt;p style=&quot;text-align:justify&quot;&gt;The use of digital payments, formalisation of agricultural credit through Kisan Credit Cards and the increase in online purchases during the last three years have contributed to increasing the share of transactions made using formal finance.&amp;nbsp;&lt;/p&gt;

&lt;p style=&quot;text-align:justify&quot;&gt;A combination of demonetisation and implementation of GST set the pace for cashless transactions in business and reduced the cash intensity of the economy. These reforms triggered a process of transformation of the economy from one that is typically dominated by cash to one in which the formal finance or banks and payment banks have a larger role.&amp;nbsp;&lt;/p&gt;

&lt;p style=&quot;text-align:justify&quot;&gt;Though these laid the foundations, it was the Covid-19 pandemic that provided a further opportunity to accelerate the process of digitalisation. Formalisation got a boost during this time through the greater proliferation of digital transactions. Concerns over contracting infection propelled people not only in metros but also in small towns to shift to digital payments. Digital payments touched a record high from all channels from the United Payments Interface (UPI) and the Aadhaar-enabled Payment System (AePS).&lt;/p&gt;

&lt;p style=&quot;text-align:justify&quot;&gt;Please &lt;a href=&quot;https://theprint.in/ilanomics/how-indias-informal-economy-is-shrinking-and-why-thats-good-news-in-the-long-term/761659/?amp&amp;amp;fbclid=IwAR1zmLrMiip2IMfWstZIW8O8BakdBYW9dFVnHLyh4rbMMcK1MmPvp-7Zr14&quot;&gt;click here&lt;/a&gt; to read more.&amp;nbsp;&lt;/p&gt;
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Greater formalisation will see a shift from low-paying, labour-intensive jobs in informal sector to more productive, formal-sector jobs. This could lead to disruption in short term.

A report issued by the State Bank of India (SBI) last month estimated that India&amp;rsquo;s...&#039;
$disp = &#039;&lt;p style=&quot;text-align:justify&quot;&gt;-ThePrint.in&lt;/p&gt;&lt;p style=&quot;text-align:justify&quot;&gt;&lt;em&gt;Greater formalisation will see a shift from low-paying, labour-intensive jobs in informal sector to more productive, formal-sector jobs. This could lead to disruption in short term.&lt;/em&gt;&lt;/p&gt;&lt;p style=&quot;text-align:justify&quot;&gt;A &lt;a href=&quot;https://im4change.org/upload/files/SBI%20Ecowrap%20Informal%20Sector%201%20November%202021%281%29.pdf&quot; title=&quot;https://im4change.org/upload/files/SBI%20Ecowrap%20Informal%20Sector%201%20November%202021%281%29.pdf&quot;&gt;report&lt;/a&gt; issued by the State Bank of India (SBI) last month estimated that India&amp;rsquo;s informal economy has shrunk to 15-20 percent of the GDP in 2020-21 from 52 percent in 2017-18. The report uses employment and digitisation to assess the extent of formalization in the economy. The report finds that Rs 13 lakh crore has come under the formal economy through various channels over the last few years.&amp;nbsp;&lt;/p&gt;&lt;p style=&quot;text-align:justify&quot;&gt;This raises the important question of what the formal sector is. Formalisation has alternatively been understood to be a move to formal finance such as banks or digital payment systems, an increase in the share of output produced by firms in the tax net, an increase in the number of employees in registered enterprises, or an increase in GDP produced in enterprises that are part of the tax net.&amp;nbsp;&lt;/p&gt;&lt;p style=&quot;text-align:justify&quot;&gt;&amp;lsquo;Formal&amp;rsquo; measured by financial transactions&amp;nbsp;&lt;br /&gt;In the SBI report, the measure used appears to be the use of digital channels or formal finance.&amp;nbsp;&lt;/p&gt;&lt;p style=&quot;text-align:justify&quot;&gt;The use of digital payments, formalisation of agricultural credit through Kisan Credit Cards and the increase in online purchases during the last three years have contributed to increasing the share of transactions made using formal finance.&amp;nbsp;&lt;/p&gt;&lt;p style=&quot;text-align:justify&quot;&gt;A combination of demonetisation and implementation of GST set the pace for cashless transactions in business and reduced the cash intensity of the economy. These reforms triggered a process of transformation of the economy from one that is typically dominated by cash to one in which the formal finance or banks and payment banks have a larger role.&amp;nbsp;&lt;/p&gt;&lt;p style=&quot;text-align:justify&quot;&gt;Though these laid the foundations, it was the Covid-19 pandemic that provided a further opportunity to accelerate the process of digitalisation. Formalisation got a boost during this time through the greater proliferation of digital transactions. Concerns over contracting infection propelled people not only in metros but also in small towns to shift to digital payments. Digital payments touched a record high from all channels from the United Payments Interface (UPI) and the Aadhaar-enabled Payment System (AePS).&lt;/p&gt;&lt;p style=&quot;text-align:justify&quot;&gt;Please &lt;a href=&quot;https://theprint.in/ilanomics/how-indias-informal-economy-is-shrinking-and-why-thats-good-news-in-the-long-term/761659/?amp&amp;amp;fbclid=IwAR1zmLrMiip2IMfWstZIW8O8BakdBYW9dFVnHLyh4rbMMcK1MmPvp-7Zr14&quot; title=&quot;https://theprint.in/ilanomics/how-indias-informal-economy-is-shrinking-and-why-thats-good-news-in-the-long-term/761659/?amp&amp;amp;fbclid=IwAR1zmLrMiip2IMfWstZIW8O8BakdBYW9dFVnHLyh4rbMMcK1MmPvp-7Zr14&quot;&gt;click here&lt;/a&gt; to read more.&amp;nbsp;&lt;/p&gt;&#039;
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Greater formalisation will see a shift from low-paying, labour-intensive jobs in informal sector to more productive, formal-sector jobs. This could lead to disruption in short term.

A report issued by the State Bank of India (SBI) last month estimated that India&rsquo;s..."/>
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                <strong>How India’s informal economy is shrinking, and why that’s good news in the long term -Ila Patnaik and Radhika Pandey</strong></h1>
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                <p style="text-align:justify">-ThePrint.in</p><p style="text-align:justify"><em>Greater formalisation will see a shift from low-paying, labour-intensive jobs in informal sector to more productive, formal-sector jobs. This could lead to disruption in short term.</em></p><p style="text-align:justify">A <a href="https://im4change.org/upload/files/SBI%20Ecowrap%20Informal%20Sector%201%20November%202021%281%29.pdf" title="https://im4change.org/upload/files/SBI%20Ecowrap%20Informal%20Sector%201%20November%202021%281%29.pdf">report</a> issued by the State Bank of India (SBI) last month estimated that India&rsquo;s informal economy has shrunk to 15-20 percent of the GDP in 2020-21 from 52 percent in 2017-18. The report uses employment and digitisation to assess the extent of formalization in the economy. The report finds that Rs 13 lakh crore has come under the formal economy through various channels over the last few years.&nbsp;</p><p style="text-align:justify">This raises the important question of what the formal sector is. Formalisation has alternatively been understood to be a move to formal finance such as banks or digital payment systems, an increase in the share of output produced by firms in the tax net, an increase in the number of employees in registered enterprises, or an increase in GDP produced in enterprises that are part of the tax net.&nbsp;</p><p style="text-align:justify">&lsquo;Formal&rsquo; measured by financial transactions&nbsp;<br />In the SBI report, the measure used appears to be the use of digital channels or formal finance.&nbsp;</p><p style="text-align:justify">The use of digital payments, formalisation of agricultural credit through Kisan Credit Cards and the increase in online purchases during the last three years have contributed to increasing the share of transactions made using formal finance.&nbsp;</p><p style="text-align:justify">A combination of demonetisation and implementation of GST set the pace for cashless transactions in business and reduced the cash intensity of the economy. These reforms triggered a process of transformation of the economy from one that is typically dominated by cash to one in which the formal finance or banks and payment banks have a larger role.&nbsp;</p><p style="text-align:justify">Though these laid the foundations, it was the Covid-19 pandemic that provided a further opportunity to accelerate the process of digitalisation. Formalisation got a boost during this time through the greater proliferation of digital transactions. Concerns over contracting infection propelled people not only in metros but also in small towns to shift to digital payments. Digital payments touched a record high from all channels from the United Payments Interface (UPI) and the Aadhaar-enabled Payment System (AePS).</p><p style="text-align:justify">Please <a href="https://theprint.in/ilanomics/how-indias-informal-economy-is-shrinking-and-why-thats-good-news-in-the-long-term/761659/?amp&amp;fbclid=IwAR1zmLrMiip2IMfWstZIW8O8BakdBYW9dFVnHLyh4rbMMcK1MmPvp-7Zr14" title="https://theprint.in/ilanomics/how-indias-informal-economy-is-shrinking-and-why-thats-good-news-in-the-long-term/761659/?amp&amp;fbclid=IwAR1zmLrMiip2IMfWstZIW8O8BakdBYW9dFVnHLyh4rbMMcK1MmPvp-7Zr14">click here</a> to read more.&nbsp;</p>               </font>
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&lt;p style=&quot;text-align:justify&quot;&gt;&lt;em&gt;Greater formalisation will see a shift from low-paying, labour-intensive jobs in informal sector to more productive, formal-sector jobs. This could lead to disruption in short term.&lt;/em&gt;&lt;/p&gt;

&lt;p style=&quot;text-align:justify&quot;&gt;A &lt;a href=&quot;https://im4change.org/upload/files/SBI%20Ecowrap%20Informal%20Sector%201%20November%202021%281%29.pdf&quot;&gt;report&lt;/a&gt; issued by the State Bank of India (SBI) last month estimated that India&amp;rsquo;s informal economy has shrunk to 15-20 percent of the GDP in 2020-21 from 52 percent in 2017-18. The report uses employment and digitisation to assess the extent of formalization in the economy. The report finds that Rs 13 lakh crore has come under the formal economy through various channels over the last few years.&amp;nbsp;&lt;/p&gt;

&lt;p style=&quot;text-align:justify&quot;&gt;This raises the important question of what the formal sector is. Formalisation has alternatively been understood to be a move to formal finance such as banks or digital payment systems, an increase in the share of output produced by firms in the tax net, an increase in the number of employees in registered enterprises, or an increase in GDP produced in enterprises that are part of the tax net.&amp;nbsp;&lt;/p&gt;

&lt;p style=&quot;text-align:justify&quot;&gt;&amp;lsquo;Formal&amp;rsquo; measured by financial transactions&amp;nbsp;&lt;br /&gt;
In the SBI report, the measure used appears to be the use of digital channels or formal finance.&amp;nbsp;&lt;/p&gt;

&lt;p style=&quot;text-align:justify&quot;&gt;The use of digital payments, formalisation of agricultural credit through Kisan Credit Cards and the increase in online purchases during the last three years have contributed to increasing the share of transactions made using formal finance.&amp;nbsp;&lt;/p&gt;

&lt;p style=&quot;text-align:justify&quot;&gt;A combination of demonetisation and implementation of GST set the pace for cashless transactions in business and reduced the cash intensity of the economy. These reforms triggered a process of transformation of the economy from one that is typically dominated by cash to one in which the formal finance or banks and payment banks have a larger role.&amp;nbsp;&lt;/p&gt;

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&lt;p style=&quot;text-align:justify&quot;&gt;Please &lt;a href=&quot;https://theprint.in/ilanomics/how-indias-informal-economy-is-shrinking-and-why-thats-good-news-in-the-long-term/761659/?amp&amp;amp;fbclid=IwAR1zmLrMiip2IMfWstZIW8O8BakdBYW9dFVnHLyh4rbMMcK1MmPvp-7Zr14&quot;&gt;click here&lt;/a&gt; to read more.&amp;nbsp;&lt;/p&gt;
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Greater formalisation will see a shift from low-paying, labour-intensive jobs in informal sector to more productive, formal-sector jobs. This could lead to disruption in short term.

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&lt;p style=&quot;text-align:justify&quot;&gt;&lt;em&gt;Greater formalisation will see a shift from low-paying, labour-intensive jobs in informal sector to more productive, formal-sector jobs. This could lead to disruption in short term.&lt;/em&gt;&lt;/p&gt;

&lt;p style=&quot;text-align:justify&quot;&gt;A &lt;a href=&quot;https://im4change.org/upload/files/SBI%20Ecowrap%20Informal%20Sector%201%20November%202021%281%29.pdf&quot;&gt;report&lt;/a&gt; issued by the State Bank of India (SBI) last month estimated that India&amp;rsquo;s informal economy has shrunk to 15-20 percent of the GDP in 2020-21 from 52 percent in 2017-18. The report uses employment and digitisation to assess the extent of formalization in the economy. The report finds that Rs 13 lakh crore has come under the formal economy through various channels over the last few years.&amp;nbsp;&lt;/p&gt;

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&lt;p style=&quot;text-align:justify&quot;&gt;&amp;lsquo;Formal&amp;rsquo; measured by financial transactions&amp;nbsp;&lt;br /&gt;
In the SBI report, the measure used appears to be the use of digital channels or formal finance.&amp;nbsp;&lt;/p&gt;

&lt;p style=&quot;text-align:justify&quot;&gt;The use of digital payments, formalisation of agricultural credit through Kisan Credit Cards and the increase in online purchases during the last three years have contributed to increasing the share of transactions made using formal finance.&amp;nbsp;&lt;/p&gt;

&lt;p style=&quot;text-align:justify&quot;&gt;A combination of demonetisation and implementation of GST set the pace for cashless transactions in business and reduced the cash intensity of the economy. These reforms triggered a process of transformation of the economy from one that is typically dominated by cash to one in which the formal finance or banks and payment banks have a larger role.&amp;nbsp;&lt;/p&gt;

&lt;p style=&quot;text-align:justify&quot;&gt;Though these laid the foundations, it was the Covid-19 pandemic that provided a further opportunity to accelerate the process of digitalisation. Formalisation got a boost during this time through the greater proliferation of digital transactions. Concerns over contracting infection propelled people not only in metros but also in small towns to shift to digital payments. Digital payments touched a record high from all channels from the United Payments Interface (UPI) and the Aadhaar-enabled Payment System (AePS).&lt;/p&gt;

&lt;p style=&quot;text-align:justify&quot;&gt;Please &lt;a href=&quot;https://theprint.in/ilanomics/how-indias-informal-economy-is-shrinking-and-why-thats-good-news-in-the-long-term/761659/?amp&amp;amp;fbclid=IwAR1zmLrMiip2IMfWstZIW8O8BakdBYW9dFVnHLyh4rbMMcK1MmPvp-7Zr14&quot;&gt;click here&lt;/a&gt; to read more.&amp;nbsp;&lt;/p&gt;
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Greater formalisation will see a shift from low-paying, labour-intensive jobs in informal sector to more productive, formal-sector jobs. This could lead to disruption in short term.

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                <strong>How India’s informal economy is shrinking, and why that’s good news in the long term -Ila Patnaik and Radhika Pandey</strong></h1>
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                <p style="text-align:justify">-ThePrint.in</p><p style="text-align:justify"><em>Greater formalisation will see a shift from low-paying, labour-intensive jobs in informal sector to more productive, formal-sector jobs. This could lead to disruption in short term.</em></p><p style="text-align:justify">A <a href="https://im4change.org/upload/files/SBI%20Ecowrap%20Informal%20Sector%201%20November%202021%281%29.pdf" title="https://im4change.org/upload/files/SBI%20Ecowrap%20Informal%20Sector%201%20November%202021%281%29.pdf">report</a> issued by the State Bank of India (SBI) last month estimated that India&rsquo;s informal economy has shrunk to 15-20 percent of the GDP in 2020-21 from 52 percent in 2017-18. The report uses employment and digitisation to assess the extent of formalization in the economy. The report finds that Rs 13 lakh crore has come under the formal economy through various channels over the last few years.&nbsp;</p><p style="text-align:justify">This raises the important question of what the formal sector is. Formalisation has alternatively been understood to be a move to formal finance such as banks or digital payment systems, an increase in the share of output produced by firms in the tax net, an increase in the number of employees in registered enterprises, or an increase in GDP produced in enterprises that are part of the tax net.&nbsp;</p><p style="text-align:justify">&lsquo;Formal&rsquo; measured by financial transactions&nbsp;<br />In the SBI report, the measure used appears to be the use of digital channels or formal finance.&nbsp;</p><p style="text-align:justify">The use of digital payments, formalisation of agricultural credit through Kisan Credit Cards and the increase in online purchases during the last three years have contributed to increasing the share of transactions made using formal finance.&nbsp;</p><p style="text-align:justify">A combination of demonetisation and implementation of GST set the pace for cashless transactions in business and reduced the cash intensity of the economy. These reforms triggered a process of transformation of the economy from one that is typically dominated by cash to one in which the formal finance or banks and payment banks have a larger role.&nbsp;</p><p style="text-align:justify">Though these laid the foundations, it was the Covid-19 pandemic that provided a further opportunity to accelerate the process of digitalisation. Formalisation got a boost during this time through the greater proliferation of digital transactions. Concerns over contracting infection propelled people not only in metros but also in small towns to shift to digital payments. Digital payments touched a record high from all channels from the United Payments Interface (UPI) and the Aadhaar-enabled Payment System (AePS).</p><p style="text-align:justify">Please <a href="https://theprint.in/ilanomics/how-indias-informal-economy-is-shrinking-and-why-thats-good-news-in-the-long-term/761659/?amp&amp;fbclid=IwAR1zmLrMiip2IMfWstZIW8O8BakdBYW9dFVnHLyh4rbMMcK1MmPvp-7Zr14" title="https://theprint.in/ilanomics/how-indias-informal-economy-is-shrinking-and-why-thats-good-news-in-the-long-term/761659/?amp&amp;fbclid=IwAR1zmLrMiip2IMfWstZIW8O8BakdBYW9dFVnHLyh4rbMMcK1MmPvp-7Zr14">click here</a> to read more.&nbsp;</p>               </font>
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<p style="text-align:justify"><em>Greater formalisation will see a shift from low-paying, labour-intensive jobs in informal sector to more productive, formal-sector jobs. This could lead to disruption in short term.</em></p>

<p style="text-align:justify">A <a href="https://im4change.org/upload/files/SBI%20Ecowrap%20Informal%20Sector%201%20November%202021%281%29.pdf">report</a> issued by the State Bank of India (SBI) last month estimated that India&rsquo;s informal economy has shrunk to 15-20 percent of the GDP in 2020-21 from 52 percent in 2017-18. The report uses employment and digitisation to assess the extent of formalization in the economy. The report finds that Rs 13 lakh crore has come under the formal economy through various channels over the last few years.&nbsp;</p>

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<p style="text-align:justify">&lsquo;Formal&rsquo; measured by financial transactions&nbsp;<br />
In the SBI report, the measure used appears to be the use of digital channels or formal finance.&nbsp;</p>

<p style="text-align:justify">The use of digital payments, formalisation of agricultural credit through Kisan Credit Cards and the increase in online purchases during the last three years have contributed to increasing the share of transactions made using formal finance.&nbsp;</p>

<p style="text-align:justify">A combination of demonetisation and implementation of GST set the pace for cashless transactions in business and reduced the cash intensity of the economy. These reforms triggered a process of transformation of the economy from one that is typically dominated by cash to one in which the formal finance or banks and payment banks have a larger role.&nbsp;</p>

<p style="text-align:justify">Though these laid the foundations, it was the Covid-19 pandemic that provided a further opportunity to accelerate the process of digitalisation. Formalisation got a boost during this time through the greater proliferation of digital transactions. Concerns over contracting infection propelled people not only in metros but also in small towns to shift to digital payments. Digital payments touched a record high from all channels from the United Payments Interface (UPI) and the Aadhaar-enabled Payment System (AePS).</p>

<p style="text-align:justify">Please <a href="https://theprint.in/ilanomics/how-indias-informal-economy-is-shrinking-and-why-thats-good-news-in-the-long-term/761659/?amp&amp;fbclid=IwAR1zmLrMiip2IMfWstZIW8O8BakdBYW9dFVnHLyh4rbMMcK1MmPvp-7Zr14">click here</a> to read more.&nbsp;</p>
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Greater formalisation will see a shift from low-paying, labour-intensive jobs in informal sector to more productive, formal-sector jobs. This could lead to disruption in short term.

A report issued by the State Bank of India (SBI) last month estimated that India&rsquo;s...'
$disp = '<p style="text-align:justify">-ThePrint.in</p><p style="text-align:justify"><em>Greater formalisation will see a shift from low-paying, labour-intensive jobs in informal sector to more productive, formal-sector jobs. This could lead to disruption in short term.</em></p><p style="text-align:justify">A <a href="https://im4change.org/upload/files/SBI%20Ecowrap%20Informal%20Sector%201%20November%202021%281%29.pdf" title="https://im4change.org/upload/files/SBI%20Ecowrap%20Informal%20Sector%201%20November%202021%281%29.pdf">report</a> issued by the State Bank of India (SBI) last month estimated that India&rsquo;s informal economy has shrunk to 15-20 percent of the GDP in 2020-21 from 52 percent in 2017-18. The report uses employment and digitisation to assess the extent of formalization in the economy. The report finds that Rs 13 lakh crore has come under the formal economy through various channels over the last few years.&nbsp;</p><p style="text-align:justify">This raises the important question of what the formal sector is. Formalisation has alternatively been understood to be a move to formal finance such as banks or digital payment systems, an increase in the share of output produced by firms in the tax net, an increase in the number of employees in registered enterprises, or an increase in GDP produced in enterprises that are part of the tax net.&nbsp;</p><p style="text-align:justify">&lsquo;Formal&rsquo; measured by financial transactions&nbsp;<br />In the SBI report, the measure used appears to be the use of digital channels or formal finance.&nbsp;</p><p style="text-align:justify">The use of digital payments, formalisation of agricultural credit through Kisan Credit Cards and the increase in online purchases during the last three years have contributed to increasing the share of transactions made using formal finance.&nbsp;</p><p style="text-align:justify">A combination of demonetisation and implementation of GST set the pace for cashless transactions in business and reduced the cash intensity of the economy. These reforms triggered a process of transformation of the economy from one that is typically dominated by cash to one in which the formal finance or banks and payment banks have a larger role.&nbsp;</p><p style="text-align:justify">Though these laid the foundations, it was the Covid-19 pandemic that provided a further opportunity to accelerate the process of digitalisation. Formalisation got a boost during this time through the greater proliferation of digital transactions. Concerns over contracting infection propelled people not only in metros but also in small towns to shift to digital payments. Digital payments touched a record high from all channels from the United Payments Interface (UPI) and the Aadhaar-enabled Payment System (AePS).</p><p style="text-align:justify">Please <a href="https://theprint.in/ilanomics/how-indias-informal-economy-is-shrinking-and-why-thats-good-news-in-the-long-term/761659/?amp&amp;fbclid=IwAR1zmLrMiip2IMfWstZIW8O8BakdBYW9dFVnHLyh4rbMMcK1MmPvp-7Zr14" title="https://theprint.in/ilanomics/how-indias-informal-economy-is-shrinking-and-why-thats-good-news-in-the-long-term/761659/?amp&amp;fbclid=IwAR1zmLrMiip2IMfWstZIW8O8BakdBYW9dFVnHLyh4rbMMcK1MmPvp-7Zr14">click here</a> to read more.&nbsp;</p>'
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How India’s informal economy is shrinking, and why that’s good news in the long term -Ila Patnaik and Radhika Pandey

-ThePrint.in Greater formalisation will see a shift from low-paying, labour-intensive jobs in informal sector to more productive, formal-sector jobs. This could lead to disruption in short term. A report issued by the State Bank of India (SBI) last month estimated that India’s informal economy has shrunk to 15-20 percent of the GDP in 2020-21 from 52 percent in 2017-18. The report uses employment and digitisation to assess the extent of formalization in the economy. The report finds that Rs 13 lakh crore has come under the formal economy through various channels over the last few years.  This raises the important question of what the formal sector is. Formalisation has alternatively been understood to be a move to formal finance such as banks or digital payment systems, an increase in the share of output produced by firms in the tax net, an increase in the number of employees in registered enterprises, or an increase in GDP produced in enterprises that are part of the tax net.  ‘Formal’ measured by financial transactions  In the SBI report, the measure used appears to be the use of digital channels or formal finance.  The use of digital payments, formalisation of agricultural credit through Kisan Credit Cards and the increase in online purchases during the last three years have contributed to increasing the share of transactions made using formal finance.  A combination of demonetisation and implementation of GST set the pace for cashless transactions in business and reduced the cash intensity of the economy. These reforms triggered a process of transformation of the economy from one that is typically dominated by cash to one in which the formal finance or banks and payment banks have a larger role.  Though these laid the foundations, it was the Covid-19 pandemic that provided a further opportunity to accelerate the process of digitalisation. Formalisation got a boost during this time through the greater proliferation of digital transactions. Concerns over contracting infection propelled people not only in metros but also in small towns to shift to digital payments. Digital payments touched a record high from all channels from the United Payments Interface (UPI) and the Aadhaar-enabled Payment System (AePS). Please click here to read more.