With rapid digitisation and the emergence of the gig economy following the Covid-19 pandemic, the share of the informal economy in India has fallen sharply since 2018, reports the Times of India, citing research from the State Bank of India. The share of the informal economy has fallen to 15%-20% of the gross value added or the formal gross domestic product (GDP) in 2020-2021 from 52.4% in 2017-2018. The government has also made efforts to formalise the economy and have instituted measures in the last couple of years which have accelerated the digitisation of the economy. The research noted that the Goods and Services Tax and the pandemic-induced emergence of the gig economy has facilitated higher formalisation of the economy.