Economic Survey 2017: India’s GDP growth pegged at 6.75-7.5% for FY18
NEW DELHI : A day before the presentation of Union Budget 2017, the Economic Survey on Tuesday pegged the country’s economic growth at a conservative level of 6.75-7.5 percent for the next fiscal.
The Economic Survey 2017 presented in the Parliament today by the Finance Minister Arun Jaitley.The Economic Survey stated that while economic performance has been remarkable in the aggregate, India’s success as a federation depends on the progress of each of its individual states.
Key Highlights of Economic Survey
–GDP growth rate at constant market prices for the current year i.e.2016-17 is placed at 7.1%
-CPI based core inflation has remained stable in current fiscal year averaging around 5%
-Economic growth expected to return to normal as new currency notes in required quantities come back into circulation
-Economic Survey recommends reforms in labour and tax policies to make the Apparel and Leather sector globally competitive -Agriculture sector to grow at 4.1% in the current year up from 1.2% in 2015-16
-Growth rate of the industrial sector estimated to moderate to 5.2% in 2016-17 from 7.4% in 2015-16
-The current account deficit (CAD) narrowed in the first half (H1) of 2016-17 to 0.3% of GDP
-Economic Survey advocates reforms to unleash economic dynamism and social justice
-Economic Survey suggests setting up of a centralised Public Sector Asset Rehabilition Agency
