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Survey calls for 'policy vigilance'

Source: PTI
Last updated on: January 29, 2018 14:28 IST
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… if high oil prices persist or stock prices correct sharply.

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.

 

Prime Minister Narendra Modi, Union Ministers, Deputy Speaker M Thambidurai, opposition leaders Mallikarjun Kharge, Mulayam Singh Yadav, Sudip Bandopadhyay and Farooq Abdullah were among others present in the House.

Following are the highlights of the Survey:

  • 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 pc 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 20,339cr 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 desired number of sons

Read all about Jaitley's final full Budget right here!

Photograph: Anindito Mukherjee/Reuters

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