Abstract:
The dualistic notion of third world urban economy has long been prevalent. The dichotomy is based on various criteria, which are reflected in the following classifications. Modern vs. tradition; capitalist vs. survival; big or small? However, despite the widespread use of double-sided classification, the distinction was not always clear or feasible. Since then, this concept has grown in popularity and is now widely used in the analysis of urban economies. The activities of the informal sector are unlicensed, taxable, unprotected and do not participate in legal contracts. The informal sector does not include any profession. A distinguishing feature is the way the activity is performed, not the activity itself. The paper aims to deal with the parameters of the informality in Central Mumbai through various models to designate ways/areas for expanding the existing formal
economy to accommodate features of the mixed economy existing in the city as a whole.
