"Maharashtra, UP, Tamil Nadu and Gujarat are the states with the greatest number of GST registrants".
Though the Economic Survey, tabled in Parliament, projected the GDP growth rate to be in the range of 7% to 7.5% in 2018-19, it also flagged risks from rising oil prices and growing protectionist tendencies in some countries.
"The economy will start reaping benefits of these reforms in the next fiscal year and we look forward to continuity in the reforms process displayed by the government", said Mr. Rashesh Shah, President FICCI.
India's average GDP growth between 2014-17 was 7.3% against the global average of 3.4%.
"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.
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 economy has also been helped by a rise in exports, the government's chief economic adviser Arvind Subramanian told reporters.
"The top 1% of firms accounted for 72%, 68%, 67% and 55 % of exports in Brazil, Germany, Mexico, and United States of America respectively but only 38% in the case of India", it says.
Economic Survey says that agriculture, education, and employment will be areas of focus in the medium term. "However, despite an improvement in the number of schools complying with PTR norms, States like Bihar, Jharkhand, Madhya Pradesh, and Uttar Pradesh have a high percentage of schools with a PTR of more than 30 compared to other States", the Survey said.
Mumbai: The Economic Survey attributed the boom in stock markets to note ban as it played a major role in influencing investors's expectations on return from other asset classes.
"In the last 50-60 years in India, the attitude towards private sector has changed from crony socialism to what we call a stigmatised capitalism, after scams during government's infrastructure drive some years back", said Subramanian. It pointed out that as per of the quarterly estimates there was a reversal of the declining trend of GDP growth in the second quarter of 2017- 18, led by the industry sector.
"Growth is picking up because the temporary impact of demonetisation and GST have dissipated, corrective actions have been taken and the government is injecting a fair amount of demand", he said.
Deriving many data points from the implementation of GST, as a precedent, the survey details statewise global exports and draws a strong correlation between exports and the states' standard of living.
"Finally, the GST data throw up new data that allows a better re-examination of the extent of formality/informality in the Indian economy", the survey proclaims, as it seeks to fill the gaps in data of previous exercises to gauge the formality or informality of the economy.
David Beckham Officially Awarded Miami-Based MLS Franchise
Jan 30, 2018 - 01:49
ABC News' Adrienne Bankert interviews David Beckham about his launch of a Major League Soccer team in Miami . In 2002, the MLS contracted the franchise along with the Tampa Bay Mutiny and was given the boot.
Bruno Mars six-time victor at Grammys
Jan 29, 2018 - 11:13
The hugely popular " Despacito ", though performed live by Luis Fonsi and Daddy Yankee , was snubbed in terms of awards. In winning album of the year , Mars beat Lorde , who was the only female nominated for the coveted award.
Saudi Prince Released From Two Month Detention In Ritz Carlton Hotel
Jan 29, 2018 - 11:13
I'm like at home, frankly speaking", he said, adding he had been able to communicate with family members while in detention. Prince Alwaleed was an early advocate of women's employment in Saudi Arabia and a lifting of the ban on women driving.
Hillary Clinton trolls Trump in surprise Grammy appearance
Jan 29, 2018 - 11:12
Clinton: The Grammy's in the bag? The president's family and members of his administration immediately criticized the segment. She also tweeted that the Fire and Fury gag completely "ruined the Grammys".
Monster Hunter World, Street Fighter V Crossover Gets a New Trailer
Jan 29, 2018 - 11:12
Just channel your fighting spirit, complete that quest and you'll get " Street Fighter V Tickets" as the special reward item. Bringing those tickets plus other required materials to the Smithy gives you access to the Ryu armour set.
US Targets Oil Tankers Violating North Korean Sanctions
Jan 29, 2018 - 11:07
North Korean singers, dancers and musicians will perform in South Korea a day before the Pyeongchang Winter Olympic Games begin. The primary obstacle preventing North Korea from achieving its goals is and has been the US military presence in the region.
Horror as man dies after getting sucked into an MRI machine
Jan 29, 2018 - 10:57
Maru was unmarried and the only earning member in the family; his senior citizen parents were speechless after the incident. Harish Solanki, Maru's brother-in-law, alleged that a ward boy asked the victim to go inside with the cylinder.
Carson Wentz pushing to be 'prepared for Week 1'
Jan 28, 2018 - 01:09
But the second-year signal-caller still hopes to be back in time for the start of next season, he told reporters in Philadelphia. And he wouldn't have had the natural reaction to watching his backup lead the Eagles to the Super Bowl .
China Presents Plan to Invest in the Arctic with 'Polar Silk Road'
Jan 28, 2018 - 01:07
In the past, it had been sensitive to how other countries viewed it and had focused on scientific research and environmental issues.
Jury finds Gasser guilty of manslaughter in McKnight killing
Jan 28, 2018 - 01:06
Prosecutors said Gasser falsely claimed McKnight tried to lunge into Gasser's vehicle when it was stopped at a traffic light. Shute acknowledged that McKnight had a hand on the open, passenger side window of Gasser's vehicle before he was shot.
South Korea Hospital Blaze Kills 41 People
Jan 28, 2018 - 00:59
The death toll rose rapidly throughout the morning as some of those initially pulled from the blaze succumbed to their injuries. There were 194 patients in the hospital when the fire first began and all 78 individuals in the seniors' ward were evacuated.
Bombardier wins surprising victory over Boeing
Jan 28, 2018 - 00:56
Bombardier also welcomed the ITC's ruling, calling it "a victory for innovation, competition and the rule of law". Even one government official said Ottawa wouldn't be surprised by a loss.
Raul Johnson Gonzalez missing: Federal Bureau of Investigation joins search for boy who vanished barefoot
Jan 28, 2018 - 00:55
The little boy was reported missing on January 24 after he wandered away from his family's Laurinburg home while barefoot. Asked Friday whether the investigation had ruled out foul play, Kersey said his statement from Thursday had not changed.
Bilbao defender Laporte left out of Basque derby vs. Eibar
Jan 27, 2018 - 20:34
Pep Guardiola refused to be drawn on City's reported pursuit of Laporte when asked about the potential deal on Friday. Athletic Bilbao's defender Aymeric Laporte will be a Manchester City player.
How major United States stock indexes fared on Thursday
Jan 27, 2018 - 20:29
The results of Intel and some other companies helped investors shrug off weaker-than-expected United States economic growth data. Shares of Canopy Growth Corp rose 10.8 per cent to $35.09. after AltaCorp Capital upgraded the stock to "speculative buy".