Economic Survey 2018: 10 New Facts On Indian Economy

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    The Economic Survey of India 2018 has thrown light on India's changing trends. It also covers the areas where we lacked in performance and where the formula worked. Following are the new facts on Indian Economy as published on the official website of Economic Survey of India 2017-18. The figures and graphs were also taken from the same source.

    1. The number of registered Indirect and Direct taxpayers have substantially increased

    The number of first time indirect taxpayers have gone up by 50% in comparison to Pre-GST period. Also, there has been an increase of 1.8 million new individual tax filers since November 2016.

    2. Formal non-agricultural employees are much larger than perceived

    More than 30% of individuals were found to be non-agricultural employees under EPFO/ ESIC Schemes. The percentage is over 50% when GST net is taken as basis.

    3. States active in international and inter-state trade tend to be richer

    A correlation has been seen between states and their international and inter-state trade. The states that export more internationally and who conduct trade with other states are reportedly more prosperous.

    4. India's export structure is more fair when compared to other countries

    The Top 1% of Indian firms account for 38% of India's exports. In Brazil, Germany, Mexico and USA, the big firms constitute for 72%, 68%, 67% and 55% respectively. This makes India substantially more egalitarian than others. Egalitarian means equal opportunity and rights are enjoyed by all of the firms.

    5. A substantial amount of litigation could be avoided in tax arena through government action

    The tax department's petition rate is high, even though its success rate in litigation is low and declining (below 30%). Only 0.2 % of cases accounted for 56% of the value at stake, whereas about 66% of pending cases (each less than Rs 10 lakhs) accounted for only 1.8% of the value at stake.

    6. Growth In investment more important than growth in savings

    Cross-country experience has shown that slowdown in investments causes slowdown in growth much more than a slowdown in savings.

    7. India still has a strong desire for Male Children

    It is being pointed out from the data collected in the economic survey of India that couples continued to have children till they had a number of sons. The survey shows a comparison on sex ratio by birth between India and Indonesia. It displays various scenarios of skewed sex-ratio.

    8. Power to collect Direct Taxes by State and Local governments lower than other countries

    In a comparison with other federal countries (Brazil and Germany), India's ratios of direct tax to total revenues of local governments is significantly lower.

    9. Climate Change has adversely impacted Agricultural yields

    Extreme temperature increases and deficiency in rainfall have been captured on the Indian map and the graphical changes in agricultural yields are brought out from such data. The impact was found to be twice as large in un-irrigated areas as in irrigated ones.

    10. ROSL Increased only exports in ready-made garments

    The Rebate on State Levies Scheme (ROSL) that compensates the exporters for state levies has proved beneficial in improving only the export of ready-made garments (with man-made fibers) by 16%.

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