Thursday, 13 December, 2018

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

Sajjid Z Chinoy Economic Survey 2017-18: 5 new facts on Indian economy
Nellie Chapman | 29 January, 2018, 11:42

The Economic Survey 2018 has been tabled in the Parliament by the Union Finance Arun Jaitley on Monday.

Economic Survey expects India's GDP to be 7-7.5 percent for the financial year 2018-19.

"However, evolving domestic and global situations may push it in any direction". It will be followed by the Union Budget on 1 February. The survey projected the economic growth for finacial year 2018-19 at 7-7.5 per cent.

Explaining the major points of the Economic Survey during a press conference in New Delhi, Chief Economic Adviser Dr Arvind Subramanian listed Goods and Services Tax (GST) as one of the three big achievements of the Modi government as far as country's economy is concerned.

This is the first Economic Survey post the GST implementation.

A senior official at China'sNational Development and Reform Commission (NDRC) wrote in the Beijing daily on Monday that China's economic growth was likely to slow to 6.5-6.8 percent this year.

As per the survey, the rise in food inflation in recent months is mainly due to factors driving prices of vegetables and fruits. The survey observed a huge increase in indirect taxpayers and voluntary registrations after rollout of Goods and Services Tax in July 2017. It says that the indirect taxpayers increased by 50%. Over the medium term, three areas of policy focus stand out: Employment, finding good jobs for the young and burgeoning workforce, especially for women.

First time in India's history, five states, accounted for 70 percent of country's exports. The survey highlights that against the emerging macroeconomic concerns, policy vigilance will be necessary in the coming year, especially if high worldwide oil prices persist or elevated stock prices correct sharply, provoking a ― sudden stall‖ in capital flows.

But, India's share markets held onto gains after the release of the survey, with the broader NSE share index up 0.7 percent from the previous close.

The survey revealed that the textile package has boosted exports of key manmade ready-made garments by 16 percent. Meanwhile, the Budget session will be commenced by the joint address from President Ram Nath Kovind to the joint sitting of the two Houses- Lok Sabha and Rajya Sabha. Phase 2 is scheduled for March 5 to April 6.