In the Economic Survey 2017-18 presented in Parliament today by the Finance Minister Mr. Arun Jaitley ahead of the Union Budget 2018 due later this week, painted a picture which showed that revenue collection is rising, growth is on track fiscal deficit is under check.
After the implementation of The GST and when the economy is still recovering from demonetization and when we can see the economic growth is falling since then, the picture which has been painted in the Parliament today comes as a relief for the economy.
The major points which were told at the Economic Survey being:
- The GDP Growth for 2017-18 is expected to be 6.5%.
- Gross Value Added at constant price to grow at 6.1% in 2017-18.
- Agriculture, Industry and Services Sector to grow at the rate of 2.1%, 4.4% and 8.3% respectively.
- The export growth which was in negative for a couple of years is expected to grow in 2017-18.
- The survey pointed out India can be rated as among the best performing economies in the world as the average growth being 4% higher than global growth.
- With world growth likely to improve, expectation of stability in GST, recovery in investments levels, ongoing structural reforms etc. should be supporting higher growth.
- The agendas for next year remains full: Stabilizing the GST, completing the TBS actions, privatizing Air India, and stopping all the threats to macro- economic stability.
- Three areas of policy focus stood out;
Employment- Finding good jobs for the young workforce, especially women.
- Education – Creating and educating healthy labor force.
- Agriculture- Raising farm productivity while strengthening agricultural resilience.
Few snapshots, giving an overview of the Economic Survey 2017-18:
GDP Growth rate expected to be 6.5% by the end of year 2017-18.
Fiscal Deficit Estimate and Expected Inflation rate based on April- Dec ‘17, for the Year 2017-18.
Expected Export Growth based on April- Dec ’17 survey and Foreign Exchange Reserves up to Dec ‘17 for the Year 2017-18.
Expected Industrial Growth based on survey held from April- Dec’ 17 and Expected Food grains Production based on 4th Advance Estimates.