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The formal push

Formalisation by itself will not drive growth

economic recovery, revival, economy, growth, gdp, market, budget
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Illustration: Ajay Mohanty

Business Standard Editorial Comment Mumbai
A number of initiatives of the government and the impact of the pandemic are said to have increased the level of formalisation in the Indian economy. Demonetisation in 2016 and the subsequent cash shortage pushed many to adopt digital modes of payment. The implementation of goods and services tax brought a large number of firms into the formal system. It became necessary for businesses to deal with other businesses in the formal system to be able to claim input tax credit. However, it is likely that small businesses that could not get into the formal system and comply with rules

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