Highlights of the Economic Survey 2017-18

Highlights:

  • The Economic Survey 2017-18:
  • The Economic Survey 2017-18 tabled by Finance Minister Arun Jaitley in the Lok Sabha on January 29, 2018.
  • The survey was authored by chief economic adviser in the finance ministry Arvind Subramanian
  • GDP to grow 7-7.5% in FY19; India to regain fastest growing major economy tag.
  • GDP growth to be 6.75% 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% 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% 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% 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% in 2014 to 76% 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 the desired number of sons.