Nine in ten Indian workers are informal, yet unemployment is 4%

So what

Headline unemployment is a poor guide to labour-market health outside the OECD: India reports 4% unemployment while 88% of its workers have no formal contract or social protection. In Europe informality is 1–9%. For investors and employers, informality, not joblessness, is the metric that sizes the formal talent pool, the tax base and the consumer credit market.