The Finance Ministry of India, Department of Economic Affairs presented Annual Economic Survey 2018 in the Parliament on Monday under the guidance of the Chief Economic Adviser.
The survey has brought out the huge disparity among states on inter-state and international trade, the states were — Maharashtra, Gujarat, Karnataka, Tamil Nadu and Telangana. They total alone accounted 70 per cent of India’s total exports.
For the first time in the history the survey has included data on international exports of states and on the basis of study they are showing strong correlation between export performance and the standard of living. States that export internationally and perform inter state trade are found to be richer as compare to other states.
After implementation of Goods and Services Tax from first day of july, 2017 India’s internal trade in goods and services, excluding non- GST goods and services, was nearly 60 per cent of GDP which is 30 percent high if, compared to previous year.
In the Economic Survey 2018, Ten new economic facts was highlighted:
- There is huge amount of increase in registered indirect and direct taxes.
- Formal non-agricultural has made a significant increase in total amount of wages paid to workers.
- States’ prosperity is dependent on it’s amount of international export and performance in inter and intra state trade.
- India’s firm export structure advocates or supports the principle of equality for all people.
- Clothing incentive package has increased imports of ready made garments from India to international market.
- Indian parents’ preferred son over daughters.
- Substantial avoidable litigation in tax arena which government action could reduce
- To re-ignite growth, raising investment is more important than raising saving
- Direct taxes that States and local governments has been collecting by people has shown are significant low collection than those of their counterparts in other federal countries
- Extreme weather adversely impacts agricultural yields