"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.

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