Economic Survey 2018 to be tabled today by Finance Minister Arun Jaitley
30 January, 2018, 01:48 | Author: Edward Snyder
"We look forward to convergence to fewer tax slabs and inclusion of all sectors within GST", said Mr. Shah.
"This implies that it will generate over 15 million jobs over the next five years, which will translate to about three million jobs annually", the survey report said.
"I think we need to be extra vigilant going ahead".
Direct taxes by states is lower than their counterparts in other federal countries: The survey said that collections of direct taxes by the states and other local governments, where they have powers to collect them is significantly lower than their counterparts in other federal countries.
It credits this recovery to structural policy fixes, including the decision to put in place a bankruptcy code to deal with the bad debt problem-which it believes had become a binding constraint on economic growth.
The document has been authored by the finance ministry's chief economic adviser, Arvind Subramanian.
"A series of major reforms undertaken over the past year will allow real GDP growth to reach 6.75 per cent this fiscal and will rise to 7 to 7.5 per cent in 2018-19, thereby re-instating India as the world's fastest growing major economy", the Survey said on Monday. In particular, it notes how in the first half of 2017, India's economy "temporarily decoupled, decelerating as the rest of the world accelerated". The survey says that GST has enabled accurate statewise distribution of worldwide export of goods and services, for the first time in history. This was also the target for this year.
The President reiterates that the government increased the minimum wage of labourers by more than 40 per cent.
The survey pegged GDP growth at 6.75 percent in the current year - the lowest since Modi came to power - and 7.5 percent next year.
The non-farm payroll from a social security perspective is estimated to be at about 7.5 crore or 31% of the non-agricultural workforce, as per the survey.
He then went on to say that the deficiency in demand is changing. The GST Council offers a model? technology? of cooperative federalism to apply to many other policy reforms. He explained that in 2014, only 56 per cent of villages were connected to roads, but today more than 82 per cent villages have road connectivity with the majority being those in remote areas.
There was massive under-investment in infrastructure sector until the recent past due to collapse of public private partnerships, especially in power and telecom projects; stressed balance sheets of private companies; issues related to land and forest clearances, it said.
As per the inter-state trade data's analysis, the survey drew two conclusions: the states that export the most are also the ones that import the most, and the states that trade the most are the ones that are most competitive and run the largest trade surpluses.
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