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Q.

There is the security of a job in the ____ sector.

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Detailed Solution

There is the security of a job in the organised sector.
The formal sector refers to the economic activities done by workers and enterprises which are legal and in practice but are covered by formal sources or arrangements. The formal sector is also known as the organised sector, mainly consisting of workers or businesses managed by the government or ministries. The workers hired in their company or firm are considered formal workers. Thus, there are formal sources to take credit, including banks and government offices. They charge a genuine interest rate according to formal sources, which are decided by the government or the reserve bank of India.

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