Indian Economic Survey 2018:8 new facts about Indian Economy you need to know

The Economic Survey 2018 has estimated that the Indian Economy will grow by 7-7.5% in the upcoming accounting year i.e 2018-2019,thereby making India as the world's fastest growing economy.
Further,the survey headed by Finance Minister Arun Jaitley said that the second half of FY 2018 can clock 6.75% growth.
booklet of Economic survey 2018
Economic Survey 2018 booklet


The Economic Survey 2018 highlighted the following 8 new economic facts-
1.The number of indirect taxpayers increased by 50%

The Economic Survey 2018 stated-
A preliminary analysis of the Goods and Services Tax(GST) data reveals that there has been a 50% increase in the number of indirect taxpayers,besides a large increase in voluntary registrations,especially by small enterprises that buy from large enterprises and want to avail themselves of Input Tax Credits(ITC).

According to the Economic Survey,there were 9.8 million unique GST registrants,an increase of 3.4 million compared to the previous tax regime.
The Survey noted that 5 States-Maharashtra,Gujarat,Karnataka,Tamil Nadu and Telangana accounts for 70% of India's exports.

2.Decrease in Agri-sector 
The Survey has observed that the growing rural to urban migration by men to decrease in agriculture sector.There has been a substantial rise in the number of women in multiple roles as cultivators, entrepreneurs, and labourers. The Survey has suggested this change should be taken to advantage by providing enhanced access to women farmers in key resources such as land, water, credit, technology and training.

3.Fighting the climate change
A separate chapter in the Economic Survey is dedicated to climate change and environment. The Chapter on Sustainable Development, Energy and Climate Change noted that India has strengthened its response to the threat of climate change in accordance with the "Paris Pledge." While the share of renewable's has trebled in the last 10 years, it stands only at 18 percent in the total installed capacity of electricity in the country.

4.Delhi's air pollution
Delhi's air pollution economic survey 2018


The Survey blames four factors for rising pollution in the National Capital Region - crop residue and biomass burning, vehicular emissions, redestributed road dust from industries and power plants, and winter temperature inversion due to lack of humidity and absence of wind. The Survey also suggested short, medium and long term solutions to fight air pollution. The suggestions ranges from fines to improving public transport to use of technologies such as Happy Seeder machines and satellite mapping.

5.Increasing court cases

Increasing court cases economic surveyThe Survey noted that both courts and government should come together to find a solution to address the issue of increasing court cases . The Survey made a few suggestions-
(A)Expanding judicial capacity in lower courts to reduce the burden in higher judiciary.
(B)Tax department can exercise greater self restraint by limiting appeals.
(C)Increasing state expenditure on the judiciary, especially on modernisation and digitisation.
(D)Creation of subject or stage-specific Benches in High Court just like Supreme Court.
(E)Prioritising stayed cases and imposing stricter timelines.
(F)Improving Courts Case Management and Court Automation Systems.

6.Gender Equality
India has made notable progress in women development, the preference for son is resulting to a skewed sex ratio, the Survey has pointed out. The north-eastern states are showing the way for the rest of the country when it comes to gender equality. The Survey has recommended that the nation must confront the societal preference for boys. Noting that schemes such as Beti Bachao, Beti Padhao, Sukanya Samridhi Yojana and mandatory maternity leave are steps in the right direction, the Survey has called a stronger commitment on the gender front just like how the government is committed towards Ease of Doing Business.

7.Hygiene and sanitation in rural areas
The Economic Survey has observed that the quality of hygiene and sanitation had a significant impact on improving the health outcomes. The Swachh Bharat Mission has increased the sanitation coverage in rural India from 39% in 2014 to 76% in January 2018.
Eight states and two Union Territories have been declared Open Defecation Free (ODF). Today, more than 90% of individuals have access to toilets. Quoting a UNICEF report, the Survey has said a household in an Open Defecation Free(ODF) village saves up to Rs. 50,000 every year.

8.Being net producer of knowledge
 As India emerges as one of the world’s largest economics, it needs to gradually move from being a net consumer of knowledge to becoming a net producer, the Survey said. The Survey has suggested that the country has to "to rekindle the excitement and purpose that would attract more young people to scientific enterprise."
It has also stressed the need to invest in science to address the multiple uncertainties arising due to climate change and new emerging threats such as cyber warfare to autonomous military systems.
Indian Economic Survey 2018:8 new facts about Indian Economy you need to know Indian Economic Survey 2018:8 new facts about Indian Economy you need to know Reviewed by Saurabh Jadhav on January 29, 2018 Rating: 5
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