Updated: January 29, 2018 3:44:34 pm
The government on Monday tabled the Economic Survey of India in the Budget session of Parliament. The Survey projected India’s GDP to grow at 7-7.5 per cent in FY 2018-19. The Union Budget will now be presented on February 1. Follow LIVE Updates here
Here are the highlights of the survey:
*Economic Survey pegs 2018-19 GDP growth at 7-7.5 per cent; says current high oil prices a major concern.
*GDP to expand by 6.75 per cent in 2017-18, re-instating India as world’s fastest growing major economy, says Economic Survey tabled in Parliament.
*Economy accelerated in second half of current fiscal due to GST, bank recapitalisation, liberalisation of FDI and higher exports.
See Photos | Parliament Budget Session 2018 begins
*Post-demonetization and GST increase in new tax filers (over and above natural increase) of about 1.8 million and some boost to individual income tax collections
*Demonetisation has encouraged financial savings
*Insolvency Code being actively used to resolve NPA woes
*Preliminary analysis of the Goods and Services Tax data reveals 50 per cent increase in the number of indirect taxpayers.
*Economic Survey calls for “policy vigilance” in the coming year if high oil prices persist or stock prices correct sharply.
*India needs to address pendency, delays and backlogs in the appellate and judicial arenas
Major achievements of past year 1) Implementing GST, responding quickly to transitional challenges 2) Tackling longfestering Twin Balance Sheet challenge by sending stressd debtors to IBC & bank recap Validation: first sovereign upgrade in 14 years: Arvind Subramanian
*Growth reviving after temporary decoupling, but nascent macro pressures (oil prices, fiscal)
*Textile package boosted exports of key man-made ready-made garments by 16 percent.
*Policy agenda for next year — support agriculture, privatise Air India, finish bank recapitalisation
*Tax collection by states, local governments significantly lower than those in other federal countries
*Retail inflation averaged 3.3 pc in 2017-18, lowest in last 6 fiscals
*Urban migration leading to feminisation of farm sector
*Rs 20,339cr approved for interest subvention for farmers in current fiscal
*FDI in services sector rises 15% in 2017-18 on reforms
*Fiscal federalism, accountability to help avoid low equilibrium trap
*India’s external sector to remain strong on likely improvement in global trade
*Technology should be used for better enforcement of labour laws
*Swachh Bharat initiative improved sanitation coverage in rural areas from 39% in 2014 to 76% in January 2018
*Priority to social infrastructure like education, health to promote inclusive growth
*Centre, states should enhance cooperation to deal with severe air pollution
*Suvey 2017-18 in pink colour to highlight gender issues
*Indian parents often continue to have children till they have desired number of sons
📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines
- The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards.