During the Parliament, Budget Session Central had tabled the Economic Survey 2016-2017. Finance Minister Arun Jaitley had presented the reports which were prepared by Arvind Subramanian, chief economic adviser to the finance ministry.
According to the Economic Survey 2017, it projects that Indian economy to grow in the range of 6.75% to 7.25% during the year 2017-18.
Mr. Subramanian opined that the demonetization had a huge negative impact on India’s economic growth. But it will surely be doing good for the country in the upcoming days.
Here are the highlights from the Economic Survey 2016-17:
- The Aggregated demand and supply were profoundly affected by the demonetization
- Gross domestic product (GDP) growth in 2016-17 to dip to 6.5%, down from 7.6% in last fiscal.
- Predicts Cuts in Stamp duties and Individual I-T Rates
- Economic growth to fall to 6.75 from 7.5% in 2017-18.
- Farming sector to grow at 4.1% in the current financial year from 1.2% in 2015-16
- Economic Survey sees a fiscal windfall from Pradhan Mantri Garib Kalyan Yojana, low oil prices.
- Financial gains from Goods and Services Tax (GST) will take some time to realize.
- Indirect tax collection has seen a dip
- The Growth rate of industrial sector estimated to moderate to 5.2% in 2016-17 from 7.4% last fiscal.
- Workers to decide if they want to make their share of contribution towards Employees’ Provident Fund (EPF).
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.