Inflation | 5 things about India you probably didn’t know before Friday’s Economic Survey
The Economic Survey 2019-20, tabled in Parliament today by FM Sitharaman, revealed a host of interesting things some of which usually find no place in economic discourses.
For example, what do entrepreneurs need to learn from a Bollywood film? Or for that matter, did you know you need more approvals to open a restaurant than to buy a gun?
These, and several other little-known facts were added to the Indian Economy glossary after CEA Subramanian’s Economic Survey presented today. Here we collate the top five among them.
Modi can still get the jobs he wants
There is a way Modi can find a solution to one of his most pressing problems: Jobs.
The Survey suggests that India can look to emulate a typical Chinese business model which led to the creation of 7 crore jobs in just five years. Those jobs were generated in the export-led industry. In addition to giving jobs to millions of people armed with just primary education, these master stroke also helped China to become a trade superpower.
According to the Survey, Modi govt could look to sync ‘Assemble in India for the world’ strategy with Make in India. Apart from raising India’s share in world trade, it could give India 8 crore well-paying jobs by 2030, it says.
Band Baaja Baaraat
In his Survey presentation, Krishnamurthy Subramanian made a reference to the Bollywood movie Band Baaja Baaraat. He used the film — which is a story about an out-of-the-box entrepreneurial venture where the two protagonists start a wedding planning business — as an example of how entrepreneurship is widespread in India and not confined to just the big cities.
The only way for India could be up
Subramanian’s Survey highlighted that there are quite a few signals that the Indian economy may have bottomed out after the prolonged manufacturing slowdown and unsettled world trade.
If this trend holds, the only way India can go from here is upward.
Which means, there is a likelihood that growth numbers for the next fiscal could come in much better.
How students spend
This one could be a bit surprising to those accustomed with the ways of both the Indias — urban and rural.
According to the Economic Survey, a rural student spends as much as 10 per cent more on books, stationery and uniform than her urban counterpart does.
The thing about gun licences
In India, it is much easier to buy a gun than to open a restaurant.
According to the National Restaurant Association of India, as many as 36 approvals are need to open an eatery in Bengaluru, 26 in Delhi, and 22 in Mumbai. For Delhi, the number stands at 45. In stark contrast, you’ll require way fewer license to procure new arms and major fireworks, at 19 and 12, respectively.
( Originally published on Jan 31, 2020 )