India’s GDP will grow 7-7.5% this fiscal year: Economic Survey

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India’s GDP will grow 7-7.5% in the financial year 2018-19 as the country will regain fastest growing major economy tag, said Finance Minister Arun Jaitley while tabling 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.
Supporting agriculture, privatising Air India and finishing bank recapitalisation would be the policy agenda for next year, the survey hinted
Here are few other highlights of the Economic Survey:

  • GDP growth for FY2017-18 seen at 6.75%
  • Policy vigilance required next fiscal if high oil prices persist or stock prices correct sharply
  • 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
  • Survey 2017-18 was in pink colour to highlight gender issues

With input from agencies