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Economic Survey 2017-18: 5 new facts on Indian economy

January 29, 2018 10:55·
Economic Survey 2018 To Be Tabled In Parliament Today 5 Things To Know

Economic Survey 2018 To Be Tabled In Parliament Today 5 Things To Know

The recent projection by the World Bank shows that the Indian economy is expected to grow at 7.3 per cent in 2018-19. The 30-share barometer, after scaling a new peak of 36,410.60 points in late morning trade on optimistic buying, succumbed to profit-booking at record levels and gave up a part of the gains.

Out of this, 54 per cent person days were generated by women, 22 per cent by schedule castes and 17 per cent by schedule tribes, the Economic Survey said. The NSE Nifty climbed 77 points, or 0.70 per cent, to quote at 11,146.65.

Consequently, real GDP growth for 2017-18 will clock in at 6.75%.

Aiming at a GDP growth rate of 6.75 per cent in the current financial year, the Economic Survey 2017-18, tabled by the Union Finance Minister Arun Jaitley on Monday, projected a GDP growth of 7 to 7.5 per cent in the financial year 2018-19.

The government had earlier this month reduced the GDP for 2017-2018 to 6.5 per cent. Economic Survey predicts services growth for FY18 at 8.3 percent, industry at 4.4 percent, and agri of 2.1 percent.

The Economic Survey said, "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".

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There was a major decline in FDI in services sector, as a result. Some of the factors could have dampening effect on GDP growth in the coming year viz. the possibility of an increase in crude oil prices in the worldwide market. It, however, pointed several factors that would support higher growth. It also raised concern regarding the constant surge in the oil prices.

"The cooperative federalism "technology" of the GST Council that brings together the Centre and States could be promisingly deployed to further agricultural reforms and durably raise farmers' incomes", the Survey said. "Such correlation is stronger between prosperity and worldwide trade", the Survey said.

The data released by Economic Survey also enshrines some steps that the government needs to take. Such data indicates a strong correlation between export performance and states' standard of living.

"This has been made possible due to a host of measures undertaken by the government including implementation of the Goods and Services Tax, Insolvency and Bankruptcy Code, and the announcement of bank recapitalization".

"If it continued through 2017, as seems likely, it would have reached the six-year duration recorded in the exceptionally severe cases", the survey notes.

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