How does the informal nature of India’s workforce impact the goal of achieving inclusive growth? Suggest the potential solutions for formalizing the economy while protecting vulnerable workers.
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Introduction
India’s workforce is predominantly informal, with┬аover 90% of workers engaged in informal employment. This extensive informality poses┬аchallenges to achieving inclusive growth,┬аas it often results in┬аjob insecurity, limited access to social security, and reduced productivity.
Body
Impact of Informal Workforce on Inclusive Growth
Potential Solutions for Formalising the Economy and Protecting Vulnerable Workers
Conclusion
Formalising India’s informal workforce┬аis crucial for achieving inclusive growth. By implementing supportive policies, enhancing┬аfinancial inclusion, and providing social security,┬аIndia can transition towards a more equitable and productive economy, ensuring that the benefits of growth are shared by all segments of society.