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India's informal sector UPSC NOTE

 

  • The economic loss, particularly to the informal sector owing to the cumulative impact of macroeconomic shocks since 2016, including the demonetisation of high-value currency notes, the roll-out of the Goods and Services Tax (GST) and the COVID-19 pandemic, is estimated at 4.3% of GDP in 2022-23 or ₹11.3 lakh crore, India Ratings and Research said

  • 63 lakh informal enterprises shut down between 2015-16 and 2022-23, with about 1.6 crore jobs lost

  • In FY23, the Gross-Value Added (GVA) in the economy by such unincorporated enterprises was still 1.6% below FY16 levels

  • Moreover, their compounded annual growth rate (CAGR) was 7.4% between FY11 and FY16, but slid into a 0.2% contraction since then, the rating firm reckoned based on the recently released findings of the official Annual Survey of Unincorporated Sector Enterprises (ASUSE)

  • As per the survey, the number of establishments in the non-agricultural sector rose to 6.5 crore in FY23 from 5.97 crore in FY22, with employment rising to 10.96 crore from 9.79 crore workers. 

  • However, this was lower than the 11.13 crore people employed in the sector in the ‘pre-shock period’ of FY16. 

  • This was primarily due to a decline in manufacturing jobs which stood at 3.06 crore in FY23, compared with 3.6 crore in FY16.

  • The shrinkage has been sharper in other services and trade, the informal sector’s share dropped to 32.3% and 21.2% in FY23 from the pre-shock level of 46.9% and 34.3%, respectively. 

  • In the manufacturing sector, the share of the informal sector fell to 10.2%, from 12.5% during the same period

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Learnerz IAS | Concept oriented UPSC Classes in Malayalam: India's informal sector UPSC NOTE
India's informal sector UPSC NOTE
https://lh7-us.googleusercontent.com/slidesz/AGV_vUev5YiA-Q6wCIsQ_AnHfbnj94KmKcsYzmeUt6eHlg5htEuWkR3dhjWiHjiLvmSOLsQwxdoXFSuBzYggaWJNF-fafH9r_OhslXhw0FG-V4gXXnGY6AciT1HJ5xA2uuX5O04Lm6O5JwwAURnUcztZiDATi-6oncQ-WPuYmUEKwU_OMg=s2048?key=P94qZXE2cKFRs9nm9gOsIg
https://lh7-us.googleusercontent.com/slidesz/AGV_vUev5YiA-Q6wCIsQ_AnHfbnj94KmKcsYzmeUt6eHlg5htEuWkR3dhjWiHjiLvmSOLsQwxdoXFSuBzYggaWJNF-fafH9r_OhslXhw0FG-V4gXXnGY6AciT1HJ5xA2uuX5O04Lm6O5JwwAURnUcztZiDATi-6oncQ-WPuYmUEKwU_OMg=s72-c?key=P94qZXE2cKFRs9nm9gOsIg
Learnerz IAS | Concept oriented UPSC Classes in Malayalam
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