Good news: The Indian economy is getting formalised
Important to look at the claims made in Economic Survey 2018 more closely, ask how the process of formalization can be accelerated and figure out what the deeper effects of this overdue change is
The new Economic Survey written by the team of finance ministry economists led by Arvind Subramanian provides compelling evidence of how the Indian economy is becoming more formalized. The reason this shift is important is not just because of the possibility of higher tax revenues for the government to spend; it is also about a profoundly different social contract between citizens and the state.
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