India's GDP to grow by 7-7.5% in FY 2019; feminisation of farm sector: Highlights of Economic Survey of India 2018
Finance Minister Arun Jaitley on Monday tabled the Economic Survey 2017-18 in the Lok Sabha
Finance Minister Arun Jaitley on Monday tabled the Economic Survey 2017-18 in the Lok Sabha soon after President Pram Nath Kovind's address to the joint sitting of both Houses of Parliament.
India is expected to regain the world's fastest growing major economy tag as it is likely to clock 7-7.5 percent growth rate in 2018-19, up from 6.75 percent in the current fiscal, the Economic Survey said on Monday.
The economy, said the survey for 2017-18, will grow on the back of major reforms which would be strengthened further in the next financial year.
Following are the highlights of the Economic Survey 2017-18.
* GDP to grow 7-7.5 percent in FY19; India to regain fastest growing major economy tag
* GDP growth to be 6.75 percent in FY2017-18
* Policy vigilance required next fiscal if high oil prices persist or stock prices correct sharply
* Policy agenda for next year -- support agriculture, privatise Air India, finish bank recapitalisation
* GST data shows 50 percent rise in number of indirect taxpayers
* Tax collection by states, local governments significantly lower than those in other federal countries
* Demonetisation has encouraged financial savings
* Insolvency Code being actively used to resolve NPA woes
* Retail inflation averaged 3.3 percent in 2017-18, lowest in last 6 fiscals
* India needs to address pendency, delays and backlogs in the appellate and judicial arenas
* Urban migration leading to feminisation of farm sector
* Rs 20,339 cr approved for interest subvention for farmers in current fiscal
* FDI in services sector rises 15 percent in 2017-18 on reforms
* Fiscal federalism, accountability to help avoid low equilibrium trap
* India's external sector to remain strong on likely improvement in global trade
* Technology should be used for better enforcement of labour laws
* Swachh Bharat initiative improved sanitation coverage in rural areas from 39 percent in 2014 to 76 percent in January 2018
* Priority to social infrastructure like education, health to promote inclusive growth
* Centre, states should enhance cooperation to deal with severe air pollution
* Suvey 2017-18 in pink colour to highlight gender issues
* Indian parents often continue to have children till they have desired number of sons
As per Economic Survey analysis, new filers reported an average income, in many cases, close to income tax threshold of Rs 2.5 lakh
"After two sub-par years, interjected by demonetisation and rollout of goods and services tax (GST), growth is seen recuperating to a respectable 7.5 percent next fiscal," Crisil said in a report on Tuesday
The next few months will be very critical for the nation as the entire system adjusts to the new tax regime