… 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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