Highlights of the Economic Survey

Finance Minister Arun Jaitley on Friday tabled the pre-Budget Economic Survey in the Lok Sabha.

   * GDP growth next fiscal to be between 7-7.75%

  * Growth this fiscal to be 7.6%, long-term potential at 8-10% if exports grow rapidly

  * India haven of stability amidst gloomy global landscape

  * Crude oil prices to be about $35 a barrel next fiscal,  as against $45 this year

  * Projects retail inflation at 4.5-5% for 2016-17

  * Low inflation takes hold, price stability has increased

  * Pay Commission implementation not to destabilise prices

  * Proposes widening of tax net from 5.5% of earning individuals to more than 20%

  * Challenging external environment to cast shadow on economic policies

  * 3.9% fiscal deficit target achievable this year, coming year to be challenging

  * Subsidy bill to be below 2% of GDP next fiscal

  * Concerned over delay in GST Bill

  * Balance sheets of corporate, banks remain stressed; need 4Rs: Recognition, Recapitalisation, Resolution and Reform

  * PSU banks' capital need at Rs 1.8 lakh crore by FY19

  * Current account deficit at 1-1.5%, forex reserves at $351.5 bn in mid-Feb.

  * Services sector growth in 2015-16 seen at 9.2%

  * Suggests revival of domestic demand as foreign capital outflow likely

  * Sees good performance by industrial, infrastructure, corporate sectors due to recent reform

  * More investment in health, education; focus on agriculture

  * Government tax revenues to be higher than budgeted

  * Exports slowdown to continue; pick up in next fiscal

  * India should resist protectionist measures in trade

  * Suggests reform package for fertiliser sector. 

Photograph: Reuters

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