Do you know about Economic Survey for 2017-18?

Economic Survey for 2017-18

Dear Bankers daily Aspirants,

As per as bank exam is concerned surely there will be a question from Economic Survey and Union Budget of this year.Economic Survey was published on 29-01-2018 and Union Budget is going to be published within a week.So surely there will be a question from these two topics namely economic Survey and Union Budget. Now there are three exams namely SYNDICATE PO,CANARA PO, SBI CLERK exams in the upcoming months. So you have to study Economic Survey (2017-18) for your success.

So here are some important points about Economic Survey 2017-18

On 29-01-2018  Our Honorable Finance Minister Arun Jaitley released the  Economic Survey, which is the fifth annual budget, forecasts that the country’s gross domestic product (GDP) will grow by 7 percent to 7.5 percent in 2018-19.

The survey was authored by Chief Economic Adviser Arvind Subramanian.

A series of major reforms undertaken over the past year will allow real GDP growth to reach 6.75 percent this fiscal and will rise to 7.0 to 7.5 percent in 2018-19, thereby re-instating India as the world’s fastest growing major economy. It said that the reform measures undertaken in 2017-18 can be strengthened further in 2018-19.

The Economic Survey has relied upon analysis of the new data to highlight 10 new economic facts:

  • Large increase in registered indirect and direct taxes
  • Formal non-agricultural payroll much greater than believed
  • States’ prosperity is positively correlated with their international and inter-State trade
  • India’s firm export structure is egalitarian
  • Clothing incentive package boosted exports of readymade garments
  • Indian parents’ preference for sons
  • Substantial avoidable litigation in tax arena which government action could reduce
  • To re-ignite growth, raising investment is more important than raising saving
  • Direct tax collections by States and local governments are significantly lower than those of their counterparts in other federal countries
  • Extreme weather adversely impacts agricultural yields

Following are the highlights of the Economic Survey 2017-18 tabled by Finance Minister Arun Jaitley in the Lok Sabha on January 29, 2018.

  • 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

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