Economic Survey Predicts 7-7.5 Percent Growth in 2018-19

The Economic Survey 2018 has predicts the Indian Economy will grow by 7.0 to 7.5 percent in 2018-19, thereby re-instating India as the world’s fastest growing major economy. This was stated in the Economic Survey 2017-18 tabled in Parliament by  Finance Minister Arun Jaitley.

Ten New Facts on Indian Economy

Large Increase in registered indirect and direct Tax payers

Former non-agricultural payroll much greater than believed

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

Indias’ firm export structure is substantially more egalitarian than in other large countries

Clothing incentive package boosted exports of readymade garments

Indian parents continue to have children until they get the desired number of 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 Indian states and local governments are significantly lower than those of their counterparts in other federal countries

Extreme weather adversely impacts agricultural yielda