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Love For Sons To Extreme Weather: 10 Things That Will Shape India’s Economy

Economic Survey 2018: Ten new facts about the Indian economy.

Chief Economic Adviser Arvind Subramanian  at a press conference in New Delhi after the Economic Survey 2016-17 was tabled in Parliament on Tuesday (Photographer: Subhav Shukla/PTI)
Chief Economic Adviser Arvind Subramanian at a press conference in New Delhi after the Economic Survey 2016-17 was tabled in Parliament on Tuesday (Photographer: Subhav Shukla/PTI)

In his Economic Survey for 2017-18, Chief Economic Advisor Arvind Subramanian lists out 10 new facts about the Indian economy which will shape macroeconomic growth going ahead. They are:

  • A large increase in registered direct and indirect taxpayers.
  • Formal non-agricultural payroll much larger than believed.
  • State’s prosperity is positively correlated with their international and inter-state trade.
  • India’s 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 desired number of sons.
  • Substantial avoidable litigation in tax arena which government action can reduce.
  • To re-ignite growth, raising investment is more important than raising savings.
  • 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 yields.