Highlights of Economic Survey 2018
The Indian economy is so complex, it constantly throws up opportunities for investigation and calls for rigorous research.
The Economic Survey Report 2018 was tabled in Parliament on Monday, 29th January 2018. The survey was prepared by the finance ministry’s Chief Economic Advisor Arvind Subramanian, who estimated that gross domestic product would grow to 6.75 per cent in the current fiscal year 2017-18, ending in March.
Here are the highlights from the Economic 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, privatize 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.