Economic Survey India 2017-18 highlights: India needs to move from being net consumer to net producer, says CEA Arvind Subramanian

Economic Survey 2017-18 highlights: The recent projection by the World Bank shows that the Indian economy is expected to grow at 7.3 per cent while the International Monetary Fund (IMF) has pegged it at 7.4 per cent in FY 2018-19.

Written by Sibu Tripathi | New Delhi | Updated: January 29, 2018 4:24:47 pm
Union Budget, Budget 2017, 2017 Union Budget, Universal basic income, public distribution system, Economic survey, India news, Indian Express Union Finance Minister Arun Jaitley with Chief Economic Adviser Arvind Subramanian (L), Economic Affairs Secretary Shaktikanta Das (2nd L) at North Block in New Delhi. (PTI Photo by Vijay Verma)

The government on Monday tabled the Economic Survey of India which projected India’s GDP to grow at 7-7.5 per cent in FY 2018-19. The Budget Session began with a joint session address by President Ram Nath Kovind, who talked about the achievements of Modi government through numerous schemes launched over the years.

The Economic Survey of India is drafted by the government’s Chief Economic Adviser Arvind Subramanian.

The recent projection by the World Bank shows that the Indian economy is expected to grow at 7.3 per cent while the International Monetary Fund (IMF) has pegged it at 7.4 per cent in FY 2018-19. The projections indicate that India will take the pole position as the fastest growing major economy. The Central Statistics Office (CSO) forecast puts the economy on a recovery path and is expected to expand at 7 per cent in the second half of the FY ending March 31.

ECONOMIC SURVEY OF INDIA

Follow Economic Survey 2017-18 highlights here: 

02:21 am: The working of GST Council has shown that cooperative federalism can really work, says Chief Economic Adviser Arvind Subramanian.

02:12 am: Cross-country evidence: apart from China, India has the lowest share of direct taxes in general govt. revenue.

02:11 am: As India emerges as one of the world’s largest economies, it needs to gradually move from being a net consumer of knowledge to becoming a net producer, says Chief Economic Adviser Arvind Subramanian

02:10 am: India’s investment slowdown is of the balance sheet type and thus more difficult to reverse. Govternment’s urgent steps to tackle the TBS challenge and improving the EODB will reignite animal spirits.

02:09 am: GST brings out new findings on the Indian economy that says reforms has increased tax rolls, formal sector is much bigger than believed, firm structure of exports highly diversified and states are big traders, says Chief Economic Adviser Arvind Subramanian.

02:07 am: The CEA today projected the GDP to grow at 7-7.5 per cent in the financial year 2018-19.

GDP growth projection. (Source: Twitter/Arvind Subramanian)

02:04 am: CEA Arvind Subramanian addressing the media said, “Government does not have to do anything radical; just finishing what it has started already would be a very ambitious and fantastic agenda to complete.”

02:03 am: This year oil prices went up that affected consumption and govt finances and also held back real economic activity: Arvind Subramanian

02:02 am: From the very 1st survey onwards we’ve spoken about the twin balance sheet challenges, under capitalised banks which held back growth for a very long time. This year a series of very important steps are being taken: Arvind Subramanian

02:01 am: We think of the twin balance sheet challenges having 4 ‘R’s – Recognition, Resolution, Recapitalisation and Reforms. I think now we are well ahead on all of them: Arvind Subramanian, Chief Economic Adviser

2.00 pm: Subramanian, in his assessment, says there has been a large increase in voluntary compliance under GST. “About 36 per cent of total GST filers, eligible for composition scheme or could have opted out from GST (below GST threshold), filed regular GST returns in first five months,” he says.

01.58 pm: What impact did demonetisation and GST have on competitiveness? Here’s how the Economic Survey mapped it.

gdp, demonetisation, impact of demonetisation on gdp growth

01.55 pm: “Indian exports are much less concentrated by firms: Top 1% of Indian exporters account for 38 percent of exports. Share much greater in other countries: 72, 68, 67, and 55 % in Brazil, Germany, Mexico, & USA, respectively,” Subramanian says on the growth seen in India’s exports.

01.46 pm: CEA Arvind Subramanian is addressing a press conference post the tabling of the Economic Survey in Parliament.

01:12 pm: The Economic Survey pegged the Indian GDP to grow on the lines of projections by the World bank and the IMF between 7-7.5 per cent. Check the Highlights of Economic Survey 2017-18 Here 

01:04 am: Economic Survey 2017-18: Inflation in the country continued to moderate during 2017-18. Consumer Price Index(CPI) based headline inflation averaged 3.3 per cent during the period which is the lowest in the last six financial years.

01:02 pm: First time in India’s history that five states, Maharashtra, Gujarat, Karnataka, Tamil Nadu and Telangana account for 70 per cent of India’s exports. India’s internal trade in Goods & Services (excludes non-GST Goods & Services) is actually even higher and is about 60 per cent of GDP.

01:01 pm: The Rajya Sabha has been adjourned till february 01. meanwhile the govt

See Photos | Parliament Budget Session 2018 begins

12:58 pm: In the Economic Survey which was tabled in the Lok Sabha, the Finance Ministry pegged the GDP to grow at 7-7.5 oer cent.

12:51 am: Climate change could reduce annual agricultural incomes in the range of 15 percent to 18 percent on average, and up to 20 percent to 25 percent for unirrigated areas.

12:48 pm: Textile package boosted exports of key man-made ready-made garments by 16 percent.

12:47 pm: India’s stock market boom different from U.S.: better profit expectations, large portfolio allocation away from gold and real estate into stocks & higher interest rates; warrants heightened vigilance, indicates Economic Survey.

12:46 pm: Large increase in registered direct & indirect taxpayers, Former non-agricultural payroll much greater than believed, States’ prosperity is positively correlated with their international & inter-state trade, reflects Economic Survey.

12:45 pm: Clothing incentive package boosted exports of readymade garments, Indian parents continue to have children until they get desired number of sons, Substantial avoidable litigation in tax arena which govt action could reduce: Economic Survey

12:44 pm:  To re-ignite growth, raising investment is more important than raising saving, Direct tax collection by Indian states and local governments are significantly lower than those of their counterparts in other federal countries.

12:43 am: Policy Agenda for coming year: support agriculture; stabilize GST, finish resolution and recapitalization; privatize Air-India and head off macro-economic pressures says CEA Arvind Subramanian.

12:39 pm: 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

12:38 am: CEA Arvind Subramanian tweets, “GST revenues doing well: 12 percent growth, better buoyancy than previous taxes.”

12:37 am: GDP to expand by 6.75% in 2017-18, re-instating India as world’s fastest growing major economy, says Economic Survey tabled in Parliament.

12:36 pm: Economic Survey pegs 2018-19 GDP growth at 7-7.5 pc; says current high oil prices a major concern.

12:32 am: Economic Survey 2017-18 predicts India’s GDP growth to be between 7-7.5% in 2018-19.

12:31 pm: A series of major reforms undertaken over the past year will allow real GDP growth to reach 6.75 percent this fiscal and will rise to 7.0 to 7.5 percent in 2018-19: Jaitley

12:27 pm: Finance Minister Arun Jaitley has now tabled the Economic Survey in the Parliament following the address by the President of India.

12:09 pm: Need to discuss and build consensus among parties on possibility of holding simultaneous elections for Parliament and assemblies: President Kovind

12:02 pm: President Kovind said, “Government has increased the minimum wage of workers by more than 40 per cent. The number of registers for compliance of Labour laws has also been reduced from 56 to 5. All returns are now filed online on the Shram Suvidha Portal.”

11:50 am: President Kovind departs for Rashtrapati Bhawan after delivering his maiden speech to joint house of the Parliament.

11:48 am: With that address by the President of India, the budget session is officially open.

11:43 am: President Kovind concludes his speech. Vice President Venkaiah Naidu reads excrepts of the speech in english.

11:42 am: The President urges everyone to work together and in one direction for development of the nation.

11:41 am: I appreciate the soldiers and offer condolences to those who lost their lives in action. J&K Police, defence and paramilitary forces are working together to fight terrorism in J&K: President Kovind

11:40 am: To end corruption the government has revoked the registration of 350,000 suspicious companies.

11:39 am: President Kovind talking about the economy says the government implemented GST in 2017 and has managed to reduce the fiscal deficit and current account deficit.

11:38 am: With help of Aadhaar, facilities are reaching poor beneficiaries directly without involvement of middlemen. Digital transactions are being done for over 400 policies of present govt. This has saved over Rs 57,000 Crore from going into wrong hands: President Ram Nath Kovind

11:36 am: President says that the membership of Australia Group and Wassenaar Arrangement is an important acheivement of his government.

11:34 am: India has been available as the first responder and all Indians living in any part of the world have this trust that there government will help them. 90,000 indians living abroad have been rescued by government efforts.

11:33 am: The government has completed the promise of One Rank Pension to veterans of armed forces.

11:31 am: President Kovind says that the government is prioritising education, health services and water supply for the development of north eastern states of India.

11:30 am: It’s a matter of pride for us that UNESCO recognised Kumbh Mela as ‘Intangible Cultural Heritage of Humanity’. UNESCO also designated Ahmedabad as ‘Heritage City’. Chennai was included in the list of Creative Cities by UNESCO: President Kovind

11:28 am: More than 28 crore of LED bulbs have been distributed to reduce electricity bills by more than Rs 40,000 crore under Ujala scheme.

11:27 am: Udaan scheme launched by the governmet has helped in increasing connectivity and create new avenues of employment.

11:26 am: President Kovind details the initiatives under Bhartmala project introduced by his government to create a new network of roads and boost infrastructure acroos the country.

11:24 am: The push towards digitisation of records and taking steps in electronic tenchology in transfer of funds has helped in creating transparency and isolating the brokers in the process.

President Ram Nath Kovind at the Parliament ahead of budget session. (Express Photo by Neeraj Priyadarshi)

11:23 am: President Kovind talks about India’s push to space technology and how ISRO recently launched over 104 satellites in one mission.

11:22 am: The President also talked about the U-17 football World Cup orgnised by India while talking about th sporting achivement by Indian sportsperson.

11:21 am: To bring everyone closer to development, work under ‘Pradhanmantri Gram Sadak Yojana’ is being done speedily. In 2014 only 56% villages were connected to roads, today more than 82% villages have road connectivity with the majority being in remote areas: President Kovind

11:20 am: President talked about the numerous initiatives including startup India, Skill India by the government for empowering the youth.

11:18 am: The government has made a new national health policy ton provide easy and affordable healthcare to all, says President Kovind.

11:16 am: The President mentioned the government approval for the Muslim woman above 45 years of age to go on Haj without a male guardian.

11:15 am: President says, “Work has started to connect villages with Broadband connectivity. 2.5 lakh Panchayats have already been connected so far.”

11:14 am: 2.70 Lakh Common Service Centers have been set up across the nation. These Centers provide digital service at low rates for various services even in the far off remote areas: Kovind

11:13 am: President Kovind says the government is working for the empowerment of all and has been focussing on all-round development. The government is committed to double the income of farmers by the year 2022, says Kovind.

11:12 am: To provide food supplies to everyone, the government under National Food Security Act is providing food sup0plies at minimal rates to the poor.

11:10 am: President Kovind says his government is working for the upliftment of poor and four crore electricity connections have been given under Saubhagya scheme.

11:07 am: President Kovind who is addressing the joint session of Parliament for the first time says the crop insurance schemes launched by his government has benefitted farmers.

11:06 am: President Kovind talking about the Clean India Mission says, “It is our duty that when we celebrate Mahatma Gandhi’s 150th birth anniversary in 2019 we pay tribute to him by making our country completely clean.”

11:05 am: President Kovind says that his government has bridged the gap between the rich and the poor and the poor are getting new opportunities to grow and develop.

11:03 am: Mentioning the achievements of his government, President Kovind talks about the achievements of Mudra Yojna, Jan Dhan Yojna, Ujjawala Yojna which has benefitted the common populace of India.

11:02 am: President Kovind says the Triple Talaq bill will help in the upliftment of Muslim women.

11:01 am: President Kovind says that 2018 will be crucial year for the development of New India and urges the parliamentarians to work together on clearing the bill.

10:59 am: President Kovind in his address talks about the developmental programs launched by his government.

10:56 am: The President is about to begin his address to the joint house of Parliament in the central hall.

10:55 am: PM Modi, who welcomed the President at the Parliament earlier said, “We should make use of our system of parliamentary committees and discuss aspects of the Budget. We should think about the well-being of rural India, farmers, Dalits, tribal communities and labourers.”

10:53 am: President Ram Nath Kovind arrives at the Parliament.

10:49 am: President Ram Nath Kovind leaves for Parliament. He will address the Joint Sitting of both Houses of Parliament shortly.

10:43 am: President Ram Nath Kovind will address the joint session of Parliament for the first time since taking charge. All preparations have been made ahead of the President’s address.

Parliament decked up to welcome President Ram Nath Kovind. (Express Photo by Tashi Tobgyal)

10:39 am: This is the third consecutive budget of the NDA government under PM Narendra Modi and holds significance since it is the this government’s final fully-fledged budget.

Economic Survey highlights: PM Modi outside Parliament ahead of the beginning of budget session. (Express Photo by Praveen Jain)

10:34 am: Reacting to PM Modi’s call for passing the Triple Talaq bill in during the budget session, Congress leader Mallikarjun Kharge said, “One day Pres will address the sitting, one day Budget will be presented, on 2 days non-official bills will be discussed. How will things be discussed in 4 days? This is just an eyewash. They want to just get done with this & go for election.”

PM Modi outside the Parliament. (Source: ANI/Twitter)

10:31 am: PM Modi addressing the media ahead of the budget session said that the government will push the Triple Tala bill in this session.

10:29 am: Ahead of budget session PM Modi said that he has urged the opposition parties to work together and use the budget session to provide the benefits to the common man.

9:47 am: President Kovind will address the first joint sitting of a budget session since he took office last year.

9:24 am: Eager to know what all is likely in the Economic Survey. Here is All you need to know about Economic Survey

9:20 am: Ahead of the Economic Survey to be tabled in Parliament, stock markets saw a record jump with Sensex opening at 188.42 points up at 36,232.48 and Nifty at 11,114.10 up by 44.45 points.

9:13 am: An all-party meeting was conducted on Sunday in the chairmanship of Lok Sabha Speaker Sumitra Mahajan for a smooth functioning of the Parliament.

9:11 am: Senior Congress parliamentarian Shashi Tharoor on Sunday said, “It’s their last budget, naturally they would leave a political message. Our economy isn’t in good shape. They’ll have to do something for farmers, there’s agricultural stagnation. If they want votes, they’ll have to do something about jobs they promised four yrs ago.”

9:06 am: The Economic Survey is the financial document which projects the official version of the state of the economy. What is Economic Survey 

9:04 am: Chief Economic Advisor Arvind Subramaniam will present the highlights of the Economic Survey after it is tabled in the Lok Sabha by Finance Minister Arun Jaitley.

9:02 am: Opposition is targeting the government on the issue of job creation. Former finance minister P Chidambaram said “BJP should not distort and deflect the debate on jobs. BJP should tell us how many regular jobs were created in the last three years.”

8:57 am: The session will begin with the address by President Ram Nath Kovind later in the day. The first leg of the session will last until February 10.

8:56 am: Welcome to The Indian Express LIVE Blog on Economic Survey.

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