Economic Survey 2018 Live: Demonetisation effect – taxpayers in India increases by 18 lakh

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New Delhi | Updated: January 29, 2018 5:44 PM

Economic Survey India 2017-18 Live: India Economic Survey has been tabled by the Modi government. Finance Minister Arun Jaitley has tabled the Economic Survey 2017-18 in both houses of Parliament on Monday. Prior to the Union Budget 2018, India's GDP is estimated at 7-7.5% at Economic Survey 2018 in

Economic Survey 2018, Economic Survey India, India Economic Survey 2018, Economic Survey 2017-18, Economic Survey 2018 Live, Budget 2018, Union Budget, India Budget Economic Survey India 2017-18 Live: Finance Minister Arun Jaitley has tabled the India Economic Survey in both houses of Parliament on Monday. (PTI)

Economic Survey India 2017-18 Live: India Economic Survey is out. Finance Minister Arun Jaitley has tabled the Modi government’s Economic Survey 2017-18 in Lok Sabha and Rajya Sabha of Parliament on Monday. Ahead of the Union Budget 2018,  India’s GDP is estimated at 7-7.5% in Economic Survey 2018. In FY18, the GDP was 6.75% .The Economic Survey 2017-18 in has stated that current high crude price is a matter of concern. Economic Survey 2018 prepared by Chief Economic Adviser (CEA) Arvind Subramanian. In Economic Survey 2016-17, Arvind Subramanian had listed eight interesting facts about India, one of them being an annual work-related migration of about 9 million people, almost double what the 2011 Census suggests based on railway passenger traffic data.

For more track for the latest from the Economic Survey 2017-18:

4:30 PM: Heavy penalties should be imposed for burning agricultural waste, and more incentive for farmers is needed to prevent alarmingly poor air quality in Delhi-NCR and adjoining areas, the Economic Survey 2018 said today.

4:25 PM: Besides, implementation of congestion pricing, expansion of public buses, phasing out of old vehicles as also coordination across agencies and governments can prevent the city turning into a gas chamber, especially during winters, the india Economic Survey 2018 noted.

4:20 “The farmers mainly from Northern India set their paddy fields on fire after harvesting. The resultant smoke, however, gets carried by winds all the way to Delhi and beyond, adding to the existing suspended particulate matter (SPM) and noxious substances that clog lungs and leave behind a near eclipsed sun,” the Ecnomic Survey 2018 tabled in Parliament said.

4:15 PM: Citing various reports according to which Delhi accounts for one of the unhealthiest cities in the world in terms of air pollution, the survey said effective actions suggested by National Green Tribunal, the Supreme Court and others call for strict enforcement through heavy penalties on agricultural waste burning and incentive payments to farmers.

4:10 PM: The Economic Survey 2018 noted that some 35 million tonnes of rice paddy in three adjoining states (Punjab, Haryana and Western UP) are burnt in late October, whose plumes drift eastward, and seasonal load from other sources, including fire crackers during Diwali are top reasons for Delhi’s poor air quality.

4:05 pm: After the Economic Survey 2018 showed that India is on the path to re-establish itself as the world’s fastest growing major economy with GDP expanding by 7-7.5 per cent in 2018-19, Benchmark Sensex zoomed 233 points to end at yet another record high on Monday.

4:00 pm: Climate change could adversely affect farmers income by up to 20-25 per cent in the medium term, the Economic Survey 2018 warned and suggested the need for “dramatic” improvement in irrigation, use of new technologies and better targeting of power and fertiliser subsidies.

3:55 pm: For the next year, the Economic Survey prescribed: “Stabilising the GST, completing the twin balance sheet actions, privatising Air India, and staving off threats to macro-economic stability. “Over the medium term, three areas of policy focus stand out: Employment – finding good jobs for the young and burgeoning workforce, especially for women; Education -creating an educated and healthy labour force; Agriculture -raising farm productivity while strengthening agricultural resilience.”

3:50 pm: WATCH- Here is what NITI Aayog Vice Chairman Rajiv Kumar said ahead of Budget 2018

3:45 pm: However, it said that with world growth likely to witness moderate improvement in 2018, expectation of greater stability in GST, likely recovery in investment levels, and ongoing structural reforms should support higher growth. “On balance, country’s economic performance should witness an improvement in 2018-19.”

3:40 pm: “Against emerging macroeconomic concerns, policy vigilance will be necessary in the coming year, especially if high international oil prices persist or elevated stock prices correct sharply, provoking a ‘sudden stall’ in capital flows,” the Economic Survey 2018 pdf has warned.

3:35 pm: At a media briefing after presentation of the Ecoonomic Survey 2018,  CEA Arvind Subramanian said that the economy “seems to be picking up quite nicely and robustly” as temporary impact of demonetisation and GST has been decimated. The growth would be higher if exports pick up, he said but listed oil prices and a correction in elevated share prices as downside risks.

3:30 pm: The average price of the basket of crude India imports rose by around 14 per cent in the current fiscal and is projected to further rise by 10-15 per cent in 2018-19, the Survey said. GDP may be impacted by 0.2-0.3 per cent, inflation will be higher by 0.2-0.3 per cent and current account deficit widen if oil prices were to rise by USD 10 per barrel, Subramanian said.

3:25 pm: Taking into account the pre-existing trend growth in new tax filers through regression analysis, the Indi Income Tax survey carried out a rigorous assessment of the impact of demonetisation.

WATCH- Chief Economic Adviser Arvind Subramanian’s take on Economic Survey 2018

3:20 pm: “Taking seasonality into account it is found that there is a 0.8 per cent monthly trend increase in new tax filers (annual growth of nearly 10 per cent). The level of tax filers by November 2017 was 31 per cent greater than what this trend would suggest, a statistically significant difference,” said the Economic Survey 2018 released by the government today. “This translates roughly into about 18 lakh (1.8 million) additional taxpayers due to demonetisation-cum-GST, representing 3 per cent of existing taxpayers,” India Economic Survey said.

3:15 pm: As per the Economic Survey 2017-18 analysis, new filers reported an average income, in many cases, close to the income tax threshold of Rs 2.5 lakh, limiting the early revenue impact. “As income growth over time pushes many of the new tax filers over the threshold, the revenue dividends should increase robustly,” Finmin’s latest survey added.

3:10 pm: Besides, the economic survey 2018 said one of the main aims of demonetisation and the Goods and Services Tax (GST) was to increase the formalisation of the economy and bring more Indians into the income tax net, which includes only about 5.93 crore individual taxpayers (filers and those whose tax is deducted at source in 2015-16).

3:05 pm: The demonetisation of high value currency notes in November 2016 resulted in widening of taxpayers’ base and rise in household savings, said the Economic Survey 2017-18.

3:00 pm: The pre-budget survey further said policy priorities over the short term focused on reviving investments by mobilising savings and encouraging the conversion of gold into financial savings.

2:55 pm: “The share of financial saving is already rising in aggregate household saving – with a clear shift visible towards market instruments – a phenomenon that has been helped by demonetisation,” said the document authored by a team led by Chief Economic Advisor Arvind Surbramanian.

2:50 pm: “The India Economic survey 2017-18 provides a holistic picture of the achievements over the last year and the challenges for the next year. The expectations on GDP growth for the current year at 6.75% clearly signal that the advance estimates were slightly conservative and growth is likely to be slightly higher that forecast.,”
Anis Chakravarty, Lead Economist and Partner, Deloitte India, said.

2:45 pm: “This shows that the signs of upturn that are visible right now can potentially strengthen over the next few months and are likely to be aided by exports. For the next fiscal FY19, the survey forecasts growth in the range between 7-7.5% and show a meaningful acceleration in the growth momentum. We expect growth to be around the lower end of the band as higher oil prices are likely to take away some part of growth,”  Anis Chakravarty said after the latest economic survey.

2:40 pm: “The debate on the quantum of fiscal deficit continues and whether there should be further consolidation in the near term. There seems to be considerable improvement in store for direct and indirect tax collections that can in turn lead to better fiscal numbers,” Anis Chakravarty said after Economic Survey 2018.

2:35 pm: “Importantly, the survey recognises the importance of education to prepare the workforce, employment for sustainable growth and agriculture as factors that need to be focussed on immediately. Proactive and efficient policy initiatives in these areas can bear fruit and help move the growth trajectory upwards over the next few years,” Anis Chakravarty said after Economic Survey 2018.

2:30 pm: On the Ease of doing Business, the Economic Survey 2018 highlights that India has leapt 30 ranks over its previous rank of 130 in the World Bank‘s latest Doing Business Report 2018. Credit rating company Moody‘s Investors Service has also raised India‘s rating from the lowest investment grade of Baa3 to Baa2.

WATCH-After the Economic Survey, here is what Chief Economic Adviser Arvind Subramanian

2:26 pm: This has been made possible due to a host of measures undertaken by the Government including implementation of the Goods and Services Tax, Insolvency and Bankruptcy Code, and announcement of bank recapitalization, accoridng to the latest economic survey 2017-18. A number of reforms to boost industrial growth include Make in India programme, Start-up India and Intellectual Rights Policy, according to finnmin.

2:23 pm: India needs to gradually move from being a net consumer to a “net producer of knowledge” in order to address some of the country’s most pressing development challenges, accoridng to the Economic Survey in

2:20 pm: The latest India Economic Survey 2018 tabled in Parliament pointed out that India needs to “rekindle” the excitement and purpose that would attract more young people to scientific enterprise as the country is emerging as one of the world’s largest economies.

2:15 pm: Economic Survey 2017-18 says that climate change could adversely affect farmers income by up to 20-25 per cent in the medium term, India Economic Survey warned and suggested the need for “dramatic” improvement in irrigation, use of new technologies and better targeting of power and fertiliser subsidies.

2:11 pm: According to ministry of Finance’s economic survey, The Modi government has also been recommended to take “radical follow-up action” to achieve its objective of addressing agricultural stress and doubling farmers’ income.

2:08 pm: As India emerges as one of world’s largest economies, it needs to gradually move from being a net consumer of knowledge to becoming a net producer, says Chief Economic Adviser Arvind Subramanian, after presenting India Economic Survey.

2:03 pm: The working of GST Council has shown that cooperative federalism can really work: Chief Economic Adviser Arvind Subramanian says fater Economic Survey 2018 was tabled in Parliament.

2:00 PM: Here is what Chief Economic Adviser Arvind Subramanian says after India Economic Survey 2017-18


1:55 pm: Speaking at a press conference after India Economic Survey 2017-18, CEA Arvind Subramanian said that there has been a large increase in voluntary compliance under GST. About 36% of total GST filers, eligible for composition scheme or could have opted out from GST (below GST threshold), filed regular GST returns in first 5 months. GST data provides new estimates of inter-state trade within India: about 60 percent of GDP, more than the 54 percent estimated in last year’s Survey, he added.

1:50 pm: In the Economic Survey 2018 pdf, GST data provides first glimpse into states’ international exports, states that export more internationally are more prosperous, says CEA Arvind Subramanian

1:45 pm: After Economic Survey 2018, CEA Arvind Subramanian says that GST launch was one of the major takeaways from financial year 2018. There was a boost in registered direct and indirect taxpayers: A 50 percent increase in unique indirect taxpayers under the GST vis-a-vis the pre-GST system & an addition of about 1.8 million individual income tax filers since November 2016

1:40 PM: The Economic survey 2017-18 acknowledges that government‘s Beti Bachao, Beti Padhao and Sukanya Samridhi Yojana schemes, and mandatory maternity leave rules are all steps in the right direction. The Survey states that just as India has committed to moving up the ranks in Ease of Doing Business indicators, a similar commitment should be endeavored on the gender front, accoridng to the India Economic survey.

1:35 pm: India Economic Survey encouragingly notes that gender outcomes exhibit a convergence pattern, improving with wealth to a greater extent in India than in similar countries so that even where it is lagging, it can expect to catch up over time. Economic Survey 2017-18, however, cautions that on several other indicators, notably employment, use of reversible contraception, and son preference, India has some distance to traverse because development has not proved to be an antidote.

1:30 pm: Economic Survey 2017-18 states that within India, there is significant heterogeneity, with the North-Eastern states (a model for the rest of the country) consistently out-performing others and not because they are richer; hinterland states are lagging behind but the surprise is that some southern states do less well than their development levels would suggest, according to the ministry of Finance’s latest economic survey

1:25 pm: Here is what the ministry of Finance’s Economic Survey 2017-18 says about GST in India

1:20 pm: According to Ministry of Finance’s India Economic Survey 2018, India‘s exports are unusual in that the largest firms account for a much smaller share of  exports than in other comparable c ountries. Top one percent of Indian firms account only  for 38% of exports unlike in other countries where they account for  substantially greater  share –(72, 68,  67  and  55  percent  in  Brazil,  Germany,  Mexico  and  USA  respectively).  Such tendencies were also found to be true for the top five or ten per cent of the  Indian  companies, according to the latest Economic Survey.

1:15 pm: Economic Survey 2018 shows India’s formal sector, especially formal nonfarm payroll, is substantially greater than what it currently is believed to be. It became evident that when “formality” was defined in terms of social security provisions like EPFO/ESIC the formal sector payroll was found to be about 31 percent of the nonagricultural work force. When “formality” was defined in terms of being part of the GST net, such formal sector payroll share was found to be 53 percent, according to the latest economic survey shows.

1:10 PM: India Economic Survey said that the GDP growth has averaged 7.3 per cent from 2014-15 to 2017-18, which is the highest among the major economies of the world. “That this growth has been achieved in a milieu of lower inflation, improved current account balance and notable reduction in the fiscal deficit to GDP ratio makes it all the more creditable,” Economic Survey 2018  said.

Read Also: Economic Survey 2018 points out key areas for Modi government – Employment, Education & Agriculture

1:05 pm: Check out industrial growth at the latest India Economic Survey 2017-18

1:00 pm: The survey points out that India can be rated as among the best performing economies in the world as the average growth during last three years is around 4 percentage points higher than global growth and nearly 3 percentage points higher than that of emerging market and developing economies.

12:55 pm: Here is what FM Jaitley has said about the Economic Survey of India

12:50 pm: Chief Economic Adviser Arvind Subramanian while preparing the Economic Survey laid out the policy agenda for the coming year. These are: support agriculture; stabilize GST; finish resolution and recapitalization; privatize Air India; head off macro-economic pressures.

12:47 pm: GST data reveals 50% increase in number of Indirect Taxpayers,, according to the Economic Survey of India 2018

12:45 PM: Major achievements of past year 1) Implmntng GST, respnding quickly to transitional challnges 2) Tacklng longfestering Twin Balance Sheet challnge by sendng stressd debtors to IBC & bank recap Validation: first sovereign upgrade in 14 years, says Chief Economic Arvind Subramanian

12:42 pm: Economic Survey 2018 presents 10 new facts about Indian Economy

12:39 pm: The Economic Survey 2018 also stated that fears of major producing states that the shift to the new system would undermine their tax collections have been allayed as the distribution of the GST base among the states got closely linked to the size of their economies.

12:35 pm: The Economic Survey of India points out that the GDP growth has averaged 7.3 per cent for the period from 2014-15 to 2017-18, which is the highest among the major economies of the world. That this growth has been achieved in a milieu of lower inflation, improved current account balance and notable reduction in the fiscal deficit to GDP ratio makes it all the more creditable.

12:32 pm: Take a look at the fiscal deficit and inflation

12:29 pm: The survey underlines that due to the launch of transformational Goods and Services Tax (GST) reform on July 1, 2017, resolution of the long-festering Twin Balance Sheet (TBS) problem by sending the major stressed companies for resolution under the new Indian Bankruptcy Code, implementing a major recapitalization package to strengthen the public sector banks, further liberalization of FDI and the export uplift from the global recovery, the economy began to accelerate in the second half of the year and can clock 6.75 percent growth this year.

12:26 pm: The survey points out that as per the quarterly estimates; there was a reversal of the declining trend of GDP growth in the second quarter of 2017-18, led by the industry sector. The Gross Value Added (GVA) at constant basic prices is expected to grow at the rate of 6.1 per cent in 2017-18 as compared to 6.6 per cent in 2016-17.

12:23 pm: Finance Minister Arun Jaitley has tabled the Economic Survey of India 2018. India’s GDP is estimated at 7-7.5%

12:12 pm: This budget session is important. The world is extremely optimistic about India. The budget will add new vigour to India’s development and will fulfil aspirations of people, says PM Narendra Modi.

12:09 pm: Watch: Ahead of Economic Survey of India 2018, President Ram Nath Kovind spoke about key issues

11:52 am: In his speech at the Central Hall of Parliament, President Kovind said that after Independence while only 76 Airports were connected to commercial flights, now under ‘Udaan’ 56 Airports and 31 Helipads are being connected to commercial flights

11:49 am: To bring everyone closer to development, work under ‘Pradhanmantri Gram Sadak Yojana’ is being done speedily. In 2014 only 56% villages were connected to roads, today more than 82% villages have road connectivity with the majority being in remote areas, said President Ramnath Kovind. He said that work has started to connect villages with broadband connectivity and 2.5 lakh panchayats have already been connected so far

11:45 am: President Kovind said that India is a young nation and the government has started Start Up India, Stand Up India, Skill India and Pradhanmantri Mudra Yojana to help the youth of the country to realise their dreams and make them self employed. He said 2.70 Lakh Common Service Centers have been set up across the nation. These Centers provide digital service at low rates for various services even in the far off remote areas.

11:42 am: President RamNath Kovind said that the government is committed to double the income of farmers by 2022. In this regard government increased minimum wage of labourers by more than 40 per cent.

11:37 am: Hailing digital payment, President Kovind said over Rs 57,000 crore prevented from going into wrong hands. He said Aadhaar has helped in securing the rights of the poor by eliminating middlemen.

11:32 am: Meanwhile, President Ram Nath Kovind in his first joint address to Parliament said that 2018 is important year for realising the dream of New India. Prior to the tabling of Economic Survey prepared by Arvind Subramanian, President Kovind said the Modi government was keen on reducing economic disparity. He said that by 2019, the government plans to connect all villages with rural roads.

11:26 am: Once the Economic Survey 2018 is tabled in Parliament, you can download the Economic Survey of India PDF. In the afternoon, Chief Economic Adviser Arvind Subramanian is likely to hold an interaction with media.

11:23 am: Countdown has begun for the Economic Survey of India 2018 ahead of Union Budget 2018.

screenshot of economic survey 2018 website ahead of union budget 2018Economic Survey 2018: Countdown has begun for the Economic Survey ahead of Union Budget 2018

10.55 AM: President Ram Nath Kovind arrives at the Parliament ahead of the day 1 of the budget session.

10.45 AM: In the previous Economic Survey, CEA Arvind Subramanian states that the Survey needs to do full justice to all these short term developments, or else it risks being Hamlet without the Prince of Denmark. To deify or demonise demonetisation that is the difficult question the world is asking, to which the Survey tries to respond. The Survey affords an opportunity to work through the complexities of the analytics, empirics, and potential impacts of demonetisation.

10.40 AM: PM Narendra Modi also talked about the budget 2018. He said, “This budget session is important. The world is extremely optimistic about India. The budget will add new vigour to India’s development and will fulfil aspirations of people.”

10.35 AM: Ahead of the Budget Session 2018, PM Narendra Modi spoke to media. PM Modi said, “I make a humble request to all parties that we can pass the bill on Triple Talaq. We have to pass this bill and protect the Muslim women.”

10.30 AM: The BSE Sensex gained 307 points to scale a new peak of 36,356.99 points in the opening session. NSE Nifty also soared to a new high of 11,146.55 by surging 76.90 points or 0.69 per cent. It smashed its previous intra-day record of 11,110.10 hit on January 24. There was intense buying activity as investors were optimistic ahead of the Economic Survey and the Union budget.

10.20 AM: The IMF pegged India’s growth rate at 6.7 per cent in 2018. Ahead of Budget 2018, Economic Survey will throw light on the development trajectory of the country. Read what are the key things to expect from Economic Survey 2018.

10.10 AM: On the eve of the Budget session, on Sunday, the opposition at an all-party meeting in New Delhi flagged the “crisis in judiciary, rural stress and intemperate outbursts by ministers” as key issues they wished to raise during the upcoming Budget Session of Parliament.

10.05 AM: READ| Economic Survey 2017-18 India: How to download PDF latest edition volume I Volume II chapters

10.00 AM: Political Democracy but Fiscal Democracy? As per the Economic Survey 2016-17, India had 7 taxpayers for every 100 voters ranking us 13th amongst 18 of our democratic G-20 peers.

9.55 AM: READ| Budget 2018: What is Economic Survey 2018? Date, time of Economic Survey of India

9.50 AM: Indians on The Move | As per the estimates of Economic Survey 2016-17, based on railway passenger traffic data reveal annual work-related migration of about 9 million people, almost double what the 2011 Census suggests.

9.45 AM: READ | Market Live: Sensex hits life high ahead of Indian Economic Survey 2018; HDFC twins, Maruti Suzuki, RIL rally

9.40 AM: The finance ministry, in its economic survey for 2016-17, said that private power producers in the country are likely to remain mired in the unfriendly commercial scenario. The survey listed a few impediments that private power producers have recently been grappling with, the survey said that there is scant sign on the horizon that Plant Load Factors (PLF) and tariffs might improve.

9.35 AM: Arvind Subramanian, Chief Economic Adviser, will address media on Economic Survey today at 1.30 PM, after the presentation of Economic Survey 2017-18.

9.30 AM: According to the Economic Survey of 2016-17, the estimated effect of demonetisation on GDP growth, at 0.25% to 0.5% below the baseline estimate of 7.0%.

9.25 AM: The first phase of the budget session will start today, January 29 and will continue till February 9.

9.20 AM: Arvind Subramanian, Chief Economic Adviser, in his last Economic Survey stated: “The Survey produces new estimates of the effectiveness of targeting of major current programs, contrasting the wedge between the number of poor in a district and the amount of funding it receives. This leads naturally to a discussion of providing a Universal Basic Income (UBI) that has emerged as a raging new idea both in advanced economies and in India.”

9.10 AM: As per the Economic Survey 2016-17, the need for leverage the Rs 1.5-lakh-crore domestic remittance market to enhance financial inclusion for inter-state migrant workers, a highly accelerated growing phenomena in recent times.

9.00 AM: Budget session will begin today in Parliament. The crucial budget session will be kicked off with President Ram Nath Kovind’s joint address to the joint sitting of the two Houses on Monday.

8.45 AM: “Stress has expanded to the telecom sector, where interest coverage ratios have deteriorated as the new entry has increased competition, prompting a major round of price-cutting. In short, stress on the corporate sector is not only deepening; it is also widening,” the Economic Survey of 2016-17 said hinting at the entry of Mukesh Ambani-led Reliance Jio Infocomm (RJio).

8:30 AM: As per the last Economic Survey tabled in the parliament stated India’s economic growth at 6.5-6.75% in the financial year 2016-17 and might not gather significant momentum in the financial year 2017-2018 but that doesn’t warrant a fiscal/monetary easing.

8:00AM: According to the Central Statistics Office (CSO), India’s economic growth in real terms will hit a four-year trough of 6.5% in the financial year 2018 while its nominal gross domestic product (GDP) will expand at the slowest pace since fiscal 2013. The government in its Economic Survey 2016-17 stated that its focus was to shift to reducing the debt-to-GDP ratio.

7:30AM: In a big boost to PM Modi-led NDA government, the International Monetary Fund (IMF) kept its growth projection for India at 6.7% for the current fiscal and said that the nation will again emerge as the world’s fastest-growing major economy, at least for the next two years.

7:00AM: Prime Minister Narendra Modi earlier this month met with over 40 economists and discussed various economic themes like agriculture, health, education, employment, rural development, manufacturing, exports and connectivity.

6:30AM: Commerce and Industries Minister Suresh Prabhu earlier this month said that India will be a $5 trillion economy in 8-9 years. 60 per cent of the $5 trillion will come from services. This includes various services which are not being even thought of at present, like home care services. He said that $1 trillion will come from manufacturing and hence the government is preparing a detailed plan on that.

6:00AM: As per data released by the Reserve Bank of India (RBI), for the first time in 14 months, industrial sector saw an expansion in credit growth in November 2017 over the same period the previous year. The data which shows gross bank credit expanded 8.3 per cent in November, and credit off-take by the industry by 1 per cent. The contraction in credit growth to the industry since October 2016 had hit a low of (-)5.2 per cent in February 2017, while the gross bank credit growth stood at 3 per cent in the same month.

5:30AM: Subramanian in a point called ‘Biases in Perception’ noted, China’s credit rating was upgraded from A+ to AA- in December 2010 while India’s has remained unchanged at BBB-. From 2009 to 2015, China’s credit-to-GDP soared from about 142 percent to 205 percent and its growth decelerated. The contrast with India’s indicators is striking. He also stated that India has 7 taxpayers for every 100 voters ranking the nation 13th amongst 18 of our democratic G-20 peers.

5:00AM: Last year CEA Arvind Subramanian recommended a five-pronged strategy for the government to implement notably; GST with broad coverage, reduction of Income Tax rates and real estate stamp duties, broadening Income Tax net, reducing the corporate tax rate and improving tax administration. In August 2017, the government presented a mid-year Economic Survey in which it stated that India was possibly entering a phase of low inflation for the first time since 2005, aided by structural caps to price pressure in food and fuel.



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