According to an SBI Research analysis, the digitalization drive and pandemic-induced growth of the gig economy has accelerated the formalisation of the economy, with the informal sector's share reducing to just 15-20 percent in 2021 from 52.4 percent in 2018. Due to digitization and the fast developing gig economy, the informal economy's share of the gross value added (GVA) or formal GDP has dropped dramatically from 52.4 percent in 2017-18 to 15-20 percent in 2020-21, according to Soumya Kanti Ghosh, SBI's group chief economic advisor.

In 2011-12, 53.9 percent of the population did the same. Many initiatives, according to Ghosh, have expedited the digitalization of the economy after the note ban in November 2016, and the pandemic-induced development of the gig economy has permitted more formalisation of the economy.

In 2011-12, the same accounted for 53.9 percent of the total. Many initiatives, according to Ghosh, have hastened the digitalization of the economy since the note ban in November 2016, and the pandemic-induced development of the gig economy has facilitated more formalisation of the economy, at rates probably much quicker than most other nations.

According to the analysis, roughly 36.6 lakh jobs have been formalised since FY18 to July 2021, citing monthly EPFO payroll data, and the report predicts this fiscal formalisation rate to be higher than FY20 but lower than FY19.

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