The Economic Survey is a vast and extremely detailed document that contains a lot of information if anyone bothered to read through it, but most people don’t. I won’t pretend to either, even though I think I get to read a lot of it. Here is the summary in graphs taken from the site.
GDP Growth Falls to 5%
Key takeaway: Both Industry and Agriculture have dwindled in their contribution to GDP growth.
Investment Drops and Projects Stall
India’s Slowing but Growth Rate Still Russia, Brazil and The West
(China’s still ahead)
LPG Subsidies: The Rich Hog Them
More than 52% of the LPG subsidy in rural areas are taken by the rich (top 20% earners) while the bottom 20% in income get only 0.07%. In Urban areas, the poorest get only 8%, but the subsidy gets distributed equally among the rest.
The Financial Sector is the Most Productive
I consider Real Estate to now be part of the financial sector of course.
85% of Indian Jobs are in the “Informal” sector
(I suppose they’re allowed to wear Jeans to work)
Huge Current Account Deficit, Saved by Capital Inflows and Services
(This might improve, as the dollar gets stronger)
More tomorrow. I hope this has helped! All the best for the budget.