Economic Survey 2017-18 Highlights and Important Questions

The government 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 is presented on February 1.

  1. Economic Survey pegs 2018-19 GDP growth at 7-7.5 per cent; says current high oil prices a major concern.

  2. 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.

  3. Economy accelerated in second half of current fiscal due to GST, bank recapitalisation, liberalisation of FDI and higher exports.

  4. 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

  5. Demonetisation has encouraged financial savings
  6. Insolvency Code being actively used to resolve NPA woes
  7. Preliminary analysis of the Goods and Services Tax data reveals 50 per cent increase in the number of indirect taxpayers
  8. Textile package boosted exports of key man-made ready-made garments by 16 percent.
  9. Policy agenda for next year — support agriculture, privatise Air India, finish bank recapitalisation
  10. Tax collection by states, local governments significantly lower than those in other federal countries
  11. Retail inflation averaged 3.3 pc in 2017-18, lowest in last 6 fiscals
  12. Urban migration leading to feminisation of farm sector
  13. Rs 20,339 cr approved for interest subvention for farmers in current fiscal
  14. FDI in services sector rises 15% in 2017-18 on reforms
  15. Fiscal federalism, accountability to help avoid low equilibrium trap
  16. India’s external sector to remain strong on likely improvement in global trade
  17. Technology should be used for better enforcement of labour laws
  18. Swachh Bharat initiative improved sanitation coverage in rural areas from 39% in 2014 to 76% in January 2018
  19. Priority to social infrastructure like education, health to promote inclusive growth
  20. Centre, states should enhance cooperation to deal with severe air pollution
  21. Survey 2017-18 in pink colour to highlight gender issues
  22. Indian parents often continue to have children till they have desired number of sons
  23.  The Agriculture growth in FY18 likely to be at 2.1%, while the Industry growth for FY18 likely to be 4.4%.

  24. Services growth for FY18 likely to be at 8.3% and the country’s economy should witness improvement in next fiscal year.

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