Advantages of formalization
- Increased tax revenues for the government due to better reporting under taxation laws
- Coverage of population under social protection plans, saving from financial distress during difficult times
- Increase workers’ welfare and the opportunities for decent jobs
- Reduce unfair competition between formal and informal enterprises arising from tax or regulatory arbitrage
Downsides of formalization
- Exclusion of population, if knee-jerk steps are taken e.g. demonetization
- Poverty and destitution as rapid formalization imposes additional costs on informal economy
[/lockercat]HPPCS Notes brings Prelims and Mains programs for HPPCS Prelims and HPPCS Mains Exam preparation. Various Programs initiated by HPPCS Notes are as follows:-
- HPPCS Mains Tests and Notes Program
- HPPCS Prelims Exam - Test Series and Notes Program
- HPPCS Prelims and Mains Tests Series and Notes Program
- HPPCS Detailed Complete Prelims Notes