Economic Survey 2018: Finance minister Arun Jaitley tabled the Economic Survey on the first day of budget session 2018. The annual report card of the government stated many important decisions that were carried out in the current fiscal year. The economic survey also stated that the government is expecting that the country’s real GDP growth will be 6.75% this fiscal year and will rise to 7.0 to 7.5% in 2018-19. The expected GDP growth will help to reinstate India’s dominance in the world as the fastest-growing major economy. The economic survey gave a special mention on the key areas for Modi government, that is Employment, Education & Agriculture. The survey was prepared by the finance ministry’s Chief Economic Adviser (CEA) Arvind Subramanian. The survey also stated some of the interesting aspects of the Indian economy. As per the Economic Survey 2018, below are the new facts of the Indian Economy:
* Economic Survey 2018 states that there has been a large increase in registered indirect and direct taxpayers.
* As per the Economic Survey 2018, the formal non-agricultural payroll is much greater than believed. More than 30% when formality is defined in terms of social security (EPFO/ESIC) provision. More than 50% when defined in terms of being in the GST net.
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* Economic Survey 2018 mentions about the state’s prosperity. It stated that state’s prosperity is correlated with their international and inter-state trade. States which export more internationally and states that trade more with other states tend to be richer. However, there is a strong correlation between prosperity and international trade.
* Economic Survey 2018 states that India’s firm export structure is substantially more egalitarian than in other large countries. Top 1% of Indian firms account for 38% of exports. In all other countries, they account for substantially greater share.
* Economic Survey 2018 also mentioned that the clothing incentive package boosted exports of readymade garments.
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* Another fact about the Indian economy mentioned in the Economic Survey 2018 is that Indian parents continue to have children until they get the desired number of sons.
* Economic Survey 2018 states that there has been a substantial avoidable litigation in the tax arena which government action could reduce. Tax department’s petition rate is high, even though its success rate in litigation is low and declining. Only 0.2% of the cases accounted for 56% of the value at stake and about 66% of the pending cases account for 1.8% of the value at stake.
* Economic Survey 2018 says that to re-ignite growth, raising investment is more important than raising saving. Cross country experience shows that the growth slowdowns are preceded by investment slowdowns but not necessarily by saving slowdowns may not.
* Economic Survey 2018 states that direct tax collection by Indian states and local governments are significantly lower than those of their counterparts in other federal countries.
* As per the Economic Survey 2018, the extreme weather adversely impacts agricultural yields.