Highlights of Economic Survey 2017 PDF Download Highlights of Economic Survey 2017 PDF Download
Highlights of Economic Survey 2017 PDF Download     What is Economic Survey? Economic Survey is a flagship annual document of the Ministry of... Highlights of Economic Survey 2017 PDF Download

Highlights of Economic Survey 2017 PDF Download

 

 

What is Economic Survey?

  • Economic Survey is a flagship annual document of the Ministry of Finance, Government of India
  • Economic Survey reviews the developments in the Indian economy over the previous 12 months, summarizes the performance on major development programmes, and highlights the policy initiatives of the government and the prospects of the economy in the short to medium term.
  • This document is presented to both houses of Parliament during the Budget Session, on a day before the presentation of Union Budget by Finance Minister of India

 

Who Prepares Economic Survey?

  • The Economic Survey 2017 has been prepared by Chief Economic Adviser in the finance ministry Mr. Arvind Subramanian

 

 

Highlights of Economic Survey 2017

Growth Estimates for year 2016-17:

  • GDP growth rate at constant market prices for the current year 2016-17 is placed at 7.1 percent 
  • On account of better monsoon rains, growth in the agriculture sector is estimated at 4.15% in 2016-17, significantly higher than the 1.2% in 2015-16
  • Growth in the industrial sector has been estimated to moderate to 5.2% in 2016-17 from 7.4% the previous financial year
  • Service sector estimated to grow at 8.9% in 2016-17

 

Effects of Demonetisation:

  • Adverse impact of demonetisation on GDP growth will be transitional
  • Demonetisation to affect growth rate by 0.25-0.5 per cent, but will generate long-term benefits
  • Demonetisation may affect supplies of certain agricultural products like sugar, milk, potatoes and onions
  • The remonetisation will ensure that the cash squeeze is eliminated by April 2017

Fiscal Deficit:

  • Expecting fiscal windfall from Pradhan Mantri Garib Kalyan Yojana and low oil prices
  • Fiscal gains from Goods and Services Tax (GST) will take time to realise
  • The 13-year old Fiscal Responsibility and Budget Management (FRBM) Act needs to be modified to provide fiscal policy direction for “the India of tomorrow”

 

Taxation:

  • Economic Survey Prescribes cut in individual I-T rates and real estate stamp duties
  • Income Tax net could be widened gradually by encompassing all high income earners
  • Time table for cutting corporate tax should be accelerated

 

 

Universal Basic Income (UBI):

  • The Economic Survey 2016-17 has advocated the concept of Universal Basic Income (UBI) as an alternative to the various social welfare schemes in an effort to reduce poverty

 

The Way Ahead for year 2017:

  • India’s economy could expand by between 6.75% and 7.5% in year 2017-18
  • GST and other structural reforms should take the growth rate to 8-10%
  • An upsurge in protectionism poses serious medium-term risk for exports
  • India is well positioned to take advantage of China’s deteriorating competitiveness due to lower wage costs in most Indian states
  • Implementation of wage hike and muted tax receipts to put pressure on fiscal deficit in 2017-18

 

Other Important Points from Economic Survey 2017:

  • Economic Survey 2016-17 suggests setting up of a centralised Public Sector Asset Rehabilitation Agency
  • The current account deficit (CAD) narrowed in the first half of 2016-17 to 0.3 % of GDP
  • Labour migration in India increasing at an accelerating rate
  • FDI reform measures were implemented, allowing India to become one of the world’s largest recipients of FDI
  • India’s trade-GDP ratio is now greater than China’s

 

Download PDF File of Full Economic Survey 2017

 

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