Economic Survey 2017-18: Ten key takeaways of India’s economy

The annual Economic Survey was tabled in Parliament this afternoon.

The annual Economic Survey was tabled in Parliament on Monday. The report card of the Indian economy for financial year 2017-18 pegged the growth rate for India’s economy in 2018-19 between 7 and 7.5 per cent. The survey is authored by Chief Economic Adviser Arvind Subramanian. Here are the highlights of the ten new facts about the Indian economy in economy survey:

Large increase in registered indirect and direct taxes

Formal non-agricultural payroll much greater than believed

States’ prosperity is positively correlated with their international and inter-State trade

India’s firm export structure is egalitarian

Clothing incentive package boosted exports of readymade garments

Indian parents’ preference for sons

Substantial avoidable litigation in tax arena which government action could reduce

To re-ignite growth, raising investment is more important than raising saving

Direct tax collections by States and local governments are significantly lower than those of their counterparts in other federal countries

Extreme weather adversely impacts agricultural yields or Climate change