DOI: 10.5176/2301-394X_ACE13.59
Authors: Dr. Rajshree Kamat, Ashish Kumar Chauhan
Abstract:
In India there is concept of natural markets and this type of markets are generally located along the road, near by bus stand, railway station, and open ground and close to residential areas. Although these kinds of markets generally come in formal category but the activity of selling of product and service providing come into category of informal activity.
Contribution of informal sector is very important for the development of any area, zone, state or nation as this sector provides the opportunity to the unskilled persons to earn their livelihood and starting the entrepreneurship which leads to a formal sector.
Informal economic activity is a dynamic process which includes many aspects of economic and social theory. By its nature, it is necessarily difficult to observe study, define, and measure. No single source readily or authoritatively defines informal economy as a unit of study. To further confound attempts to define this process, informal economic activity is subject to permanent adaptation to changing circumstances. External regulations (and degrees of enforcement) change frequently, sometimes daily. The wish to preserve this source of income requires adapting with even minor changes in policy. Given the complexity of the phenomenon, the simplest definition of informal economic activity might be: any exchange of goods or services involving economic value between people outside the scope of 'normal and formal' business.
As a part of informal activity weekly market is one important aspect which should be focused. There is a need to change from old weekly market to planned and sustainable market and the planning tool will help to accomplish this task efficiently.
Keywords: Informal economic activity, Weekly Vegetable Markets, Street Vendor, unskilled persons.
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