Formal employment share: 12.5% (2016) → 12.2% (2017) → 11.9% (2018) → 11.6% (2019). The 2016-2019 window — demonetisation, GST, the 2017-18 PLFS leak — coincides with the steepest sustained decline in formal employment share in the modern series.
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This is one of 36 standing analyses drawn from the Some Perspective dataset. It is not dated commentary: it describes a relationship in the data that holds across the series, and it is regenerated whenever the underlying dataset is refreshed. The figures quoted here reflect the 2026-08-15 data vintage.