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ECONOMIC SURVEY 2017-2018
Released By Government of India Ministry of Finance Department of Economic Affairs Economic Division January 29, 2018 Presented By Roman Saini
"For last year's words belong to last year's language. And next year's words await another voice." T.S. Eliot
Introduction The Economic Survey projects the official version of the state of the economy of India.It discusses the outlook, prospects and challenges of the economy .It also recommends reform measures that are essential to propel the economy.It acts as a precursor to the budget The Economic Survey of this year is divide in two volumes -Volume 1 and Volume 2. Unlike the previous year it reverted to the tradition of bringing out Volumes 1 and 2 at the same time. Volume 1 contains the analytical overview and more research-cum-analytical material Volume 2 provides the more descriptive review of the current fiscal year, encompassing all the major sectors of the economy.
The 'pink' color of this year's survey cover was chosen as a svmbol of support for the growing movement to end violence against women, which spans continents Addressing the deep societal meta-preference in favor of sons, and empowering women with education and reproductive and economic agency are critical challenges for the Indian economy Increasingly, a number of universities are adopting the Survey as a pedagogical tool for courses on the Indian economy Inspired by that, The Economic Division of the Ministry of Finance did a full-fledged Massive Open Online Course (MOOC) for students and teachers all across India with the help of the Ministry of Human Resources Development (MHRD)
Important Questions that are answered in Economic Survey Can we expect the current investment slowdown to reverse quickly based on understanding other countries' experience? 1. 2. Do second and third tier of governments collect the direct taxes that they are empowered to, and if not, what does that signify? On gender, why should we focus on the sex ratio of the last child? Under what conditions, to what extent, and where will the agricultural impact of climate change be most felt? 3. 4.
4. Will there be a stall in India's four decades long, dynamic process of economic convergence? 5. Should the government and judiciary agree to a Cooperative Separation of Powers like the center and states do in the form of Cooperative Federalism to improve the conditions of doing business? 6. Should there be a number of science and technology missions to propel India to the ranks of the world's top knowledge producers?
Ten New Fact on Indian Economy 1. There has been a large increase in registered indirect and direct taxpayers 2. Formal non-agricultural payroll is much greater than believed 3. States' prosperity is correlated with their international and inter-state trade 4. India's firm export structure is substantially more egalitarian than in other large countries 5. The clothing incentive package boosted exports of readymade garments
6. Indian society exhibits strong son "Meta" Preference 7. There is substantial avoidable litigation in the tax arena which government action could reduce 8. To re-ignite growth, raising investment is more important than raising saving 9. Own direct tax collections by Indian states and local governments are significantly lower than those of their counterparts in other federal countries 10. The footprint of climate change is evident and extreme weather adversely impacts agricultural yields