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ClearIAS » Current Affairs Notes » 8 Interesting Facts about Indian Economy from the Economic Survey

8 Interesting Facts about Indian Economy from the Economic Survey

Last updated on June 13, 2017 by Clear IAS Team

Not everyone knows Indian Economy well. Not even economists! But thanks to the Economic Survey, many interesting facts about Indian Economy have been brought to light. There are interesting facts and statistics that can give you valuable insights about the potential of India.

1. India has only 7 taxpayers for every 100 voters!

Taxpayers per 100 voters

India has only 7 taxpayers for every 100 voters ranking us 13th amongst 18 of our democratic G-20 peers. This raises one important question: India has political democracy, but does it has fiscal democracy?

2. India’s Demographic Dividend will last longer (for around 45 years)

Demographic Dividend In Indian States and Other Emerging Economics.

India has a distinctive demographic dividend. India’s share of working age to non-working age population will peak later and at a lower level than that for other countries but last longer. The peak of the growth boost due to the demographic dividend is fast approaching, with peninsular states peaking soon and the hinterland states peaking much later.

3. As a percent of GDP, India Trades More Than China!

GDP graph in Percent of Trade and Internal Trade

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As of 2011, India’s openness – measured as the ratio of trade in goods and services to GDP has far overtaken China’s, a country famed for using trade as an engine of growth. India’s internal trade to GDP is also comparable to that of other large countries and very different from the caricature of a barrier-riddled economy.

It should also be noted that India’s internal trade as a percentage of GDP is also reasonably high. India’s internal trade to GDP is also comparable to that of other large countries and very different from the caricature of a barrier-riddled economy.

4. Divergence within India, Big Time

Unconditional Convergence in GDP per capita

Spatial dispersion in income is still rising in India in the last decade (2004-14), unlike the rest of the world and even China. That is, despite more porous borders within India than between countries internationally, the forces of “convergence” have been elusive.

5. There is Big Unexploited Property Tax Potential in India
Unconditional Convergence in GDP per capita

Evidence from satellite data indicates that Bengaluru and Jaipur collect only between 5% to 20% of their potential property taxes.

6. Work-Related Migration has increased since 2011

Annual New Migrants (in millions)

As can be seen from the above graph, 8-10 million people migrate on annual basis for work. This is based on railway passenger traffic data. This figure is almost double of what the 2011 Census suggests.

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7. There are biases in perception with respect to China and India

Poor Standards: Rating Agencies-India and China.

China’s credit rating was upgraded from A+ to AA- in December 2010 while India’s has remained unchanged at BBB-. From 2009 to 2015, China’s credit-to-GDP soared from about 142 percent to 205 percent and its growth decelerated. The contrast with India’s indicators is striking.

8. There is a big shortfall in the allocation of funds to many poor districts!

New Evidence on Weak targeting of social Programs

Welfare spending in India suffers from misallocation: as the pair of charts show, the districts with the poorest (in red on the left) are the ones that suffer from the greatest shortfall of funds (in red on the right) in social programs. The districts accounting for the poorest 40% receive only 29% of the total funding. There is a big shortfall in allocation to many poor districts.

Courtesy: Economic Survey

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Reader Interactions

Comments

  1. nagesh says

    February 3, 2017 at 5:20 pm

    After studying this economic info i feel like this why our country citizens re not pay tax propproperly is it problem of govt or citizens

    Reply
    • deepakshi says

      February 11, 2017 at 10:34 pm

      can anyone help me in economic prep….plzz suggest me how to start it?

    • sumit says

      February 21, 2017 at 6:59 pm

      Just start from T.R jain and V.K ohri class 12th

  2. Ravi says

    February 3, 2017 at 9:33 pm

    thanks ..

    Reply
  3. Krishna says

    February 3, 2017 at 10:28 pm

    Tq

    Reply
  4. Namit Sharma says

    February 3, 2017 at 11:48 pm

    Thank you for sharing an interesting facts about Indian economy. I am grateful to read this blog.

    Reply
  5. Asif says

    May 22, 2017 at 11:56 pm

    great article and Indian is growing in a rapid rate this economic figure show some inside about the Indian economy

    Reply

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