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January 31, 2017

Economic Survey 2017 Highlights

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Ahead of the Union Budget tomorrow, the Union finance minister Arun Jaitley today tabled the Economic Survey 2016-17 in Parliament budget session. The Economic Survey reviews the developments in the Indian economy over the previous 12 months, summarizes the performance on major development programmes, and highlights the policy initiatives of the government and the prospects of the economy in the short to medium term.  The survey projects the economy to grow in the range of 6.75% to 7.25% in the next fiscal year 2017-18 in the post-demonetisation year. Here are the major highlights of the survey. 

Highlights of Economic Survey 2017

  • Demonetisation may affect supplies of certain agricultural products like sugar, milk, potatoes and onions
  • Demonetisation to affect growth rate by 0.25-0.5 per cent, but to have long-term benefits
  • Efforts to collect taxes on disclosed and undisclosed wealth should not lead to tax harassment
  • Farm sector to grow at 4.1 per cent this fiscal, up from 1.2 per cent last year
  • Fiscal gains from GST will take time to realise
  • Fiscal windfall likely from Pradhan Mantri Garib Kalyan Yojana, low oil price
  • GDP growth for next fiscal pegged at 6.75-7.5 per cent
  • Growth rate of industrial sector to moderate to 5.2 per cent this fiscal, from 7.4 per cent last fiscal
  • Growth this fiscal to be 6.5 per cent
  • Growth to return to normal as new currency comes in circulation
  • GST, other structural reforms should take the trend growth rate to 8-10 per cent
  • Income Tax net could be widened gradually by encompassing all high income earners
  • Prescribes cut in individual I-T rates, real estate stamp duties
  • Tax administration could be improved to reduce discretion and improve accountability
  • Time table for cutting corporate tax should be accelerated
  • Universal Basic Income Scheme is an alternative to plethora of state subsidies for poverty alleviation.
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