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.
Also Read: Economic Survey: India's Formal Sector Payroll Substantially Larger Than Estimated
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