Economic Survey 2018: Ten Things That Will Shape India’s Economy

India’s love for sons to extreme weather, these things will shape the country’s economy in 2018.

Chief Economic Adviser Arvind Subramanian addresses a press conference in New Delhi on Monday, 29 January.

(Photo: IANS)

In his Economic Survey for 2017-18, Chief Economic Advisor Arvind Subramanian lists 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.

(This article was first published on BloombergQuint)