Economic Survey: India’s GDP growth pegged between 7-7.75 pc next fiscal – highlightshttps://indianexpress.com/article/business/budget/economic-survey-union-budget-2016-india-gdp-growth/

Economic Survey: India’s GDP growth pegged between 7-7.75 pc next fiscal – highlights

Economic survey highlights from Union Budget 2016-17.

New Delhi: Union Minister for Finance, Corporate Affairs and Information & Broadcasting, Arun Jaitley pose with group photo with the members of the Economic Division who assisted in the preparation of Economic Survey, in New Delhi on Thursday.PTI Photo by Shahbaz Khan(PTI2_25_2016_000031b)
New Delhi: Union Minister for Finance, Corporate Affairs and Information & Broadcasting, Arun Jaitley pose with group photo with the members of the Economic Division who assisted in the preparation of Economic Survey, in New Delhi on Thursday.PTI Photo by Shahbaz Khan

Ahead of the Union Budget, the Economic Survey on Friday termed external environment as challenging but projected a 7-7.5 per cent GDP growth rate in the next fiscal which could accelerate to eight per cent in a couple of years.

Following are the highlights of Economic Survey 2015-16, tabled in Parliament today:

1.  GDP growth next fiscal to be between 7-7.75%

2.  Growth this fiscal to be 7.6%, long-term potential at 8-10% if exports grow rapidly.

3. India haven of stability amidst gloomy global landscape.

READ: Economic Survey pegs India’s growth at 7-7.5 percent for 2016-17

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4.  Crude oil prices to be about USD 35 a barrel next fiscal, as against USD 45 this year.

5.  Projects retail inflation at 4.5-5% for 2016-17.

6.  Low inflation takes hold, price stability has increased.

7.  Pay Commission implementation not to destabilise prices.

8.  Proposes widening of tax net from 5.5% of earning individuals to more than 20%

9. Challenging external environment to cast shadow on economic policies.

10. 3.9% fiscal deficit target achievable this year, coming year to be challenging.

11.  Subsidy bill to be below 2% of GDP next fiscal.

12. Concerned over delay in GST Bill.

13. Balance sheets of corporate, banks remain stressed; need 4Rs: Recognition, Recapitalisation, Resolution and Reform.

14. PSU banks’ capital need at Rs 1.8 lakh crore by FY19.

15. Current account deficit at 1-1.5%, forex reserves at USD 351.5 bn in mid-Feb.

16. Services sector growth in 2015-16 seen at 9.2%

17. Suggests revival of domestic demand as foreign capital outflow likely.

18. Sees good performance by industrial, infrastructure, corporate sectors due to recent reform.

19. More investment in health, education; focus on agriculture.

Watch Video: Copies of Economic Survey brought to Parliament

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20. Government tax revenues to be higher than budgeted.

21. Exports slowdown to continue; pick up in next fiscal.

22. India should resist protectionist measures in trade.

23. Suggests reform package for fertiliser sector.