10 interesting facts about Indian economy
Indian massive economy is wrinkle around chaos and lot bottlenecks in the system, not
anyone knows fully the Indian economy well, not even the economists! But thanks to the economic survey, many interesting facts about the Indian economy have been brought to light. There are interesting facts and statistics that can give you valuable insights into the potential of India.
1. In the 2019 general election, officials confiscated at least around half od billion dollar's worth of bribes
The confiscated bribes were in the form of gold, hard cash, drugs alcohol, and other material intended as bribes to secure votes.
2. Violence costs India 9% of GDP in 2017
Hundreds of incidents communal violence, the insurgency in Kashmir, moist insurgency, and in northeast India, a standoff with China all contributed huge losses to India aroung\d 9%,i.e,.$1.2. Trillion-dollar.
3. India has only 7 taxpayers for every 1000 voters!
(here, Taxpayers means the only direct taxpayers, because everybody pays indirect taxes through things we buy from shops)
India has political democracy, but does it have fiscal democracy?
4. fifty percent of Indians are employed in Agriculture.
That is the reason for low income, low standard of living, low investment in agriculture productivity, a more dependent number of people results in disguised employment, and totally dependent on natural climates.
5. India's Demographic dividend will last longer for around 45 years
(For those who don't know demographic dividend means when a country starts to develop with increasing literacy, its population starts to have low fertility and low mortality rates resulting in more active working population, hence increasing per capita, better standard of living for the masses and more working people for the country and less dependent people in number)
6.Income inequality, Bg time.
Spatial dispersion in income is still rising in India in the last decade (20004-14), 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.
7. There is Big unexploited property Tax Potential in India
Evidence form satellite data indicates that Bengaluru and Jaipur collect only between 5% to 20% of their potential property taxes.
8. Work-Related Migration has increased since 2011
Eight to ten million people migrate on an annual basis for work. This is based on Railway Traffic data.
9. There is a big shortfall in the allocation of funds to man poor districts.
Welfare spending in India suffers from misallocation: the districts with poorest are the ones to suffer from the greatest shortfall of funds 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.
10. India still has a smaller economy than the state of California by about 8%.
India's GDP is 7th largest in the world. According to the Bureau of Economics Analysis California's 2018 GDP was about $ 2.968 trillion in dollar and India's total GDP was about $ 2.726 trillion dollar, which is 8.1% lower than that Golden state of America's economic powerhouse.
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