Highlights of Economic Survey of India 2018
The Economic Survey has estimated that the Indian economy will grow by 7 to 7.5 per cent in 2018-19, thereby proving India to be the world’s fastest growing economy.
- The Gross Domestic Product is supposed to grow at 6.75 % this year and by 7 to 7.5 % by the next fiscal i..e 2018-2019 Session.
- The growth is manufacturing is supposed to be around 8%.
- Oil prices will continue being a major concern. There might be a rise of 10 dollar in global oil prices.
- Jobs and Agriculture will be the key focus area. This will also include stabilization of the GST.
- Growth in Agriculture is supposed to be around 2.1 % this year.
- There has been a 50 % increase in the number of indirect tax payers after 1.8 million taxpayers have been added after demonetization and GST.
- GST revenues have better buoyancy than other older tax reforms.
- The industry growth have been seen at 4.4 %.
- The farm sector growth is around 2.1 %.
- Private investment is poised to be rebound.
- Effective implementation of Insolvency and Bankruptcy Code (IBC) will boost private investment which will in turn give a boost to demand.
- Target for fiscal consolidation specially in a pre-election year can carry a high risk of credibility.
- Average CPI inflation seen at 3.7 pct in 2017/18.
- The level of tax filers by November 2017 was 31% greater which translated roughly into about 1.8 million additional taxpayers due to demonetization-cum-GST, representing 3% of existing taxpayers.
- Services growth is likely to be at 8.3% and the country’s economy should witness improvement in next fiscal year.
- The IBC resolution process could prove a valuable technology for tackling this long-standing problem in the Indian corporate sector.
- The apparel sector has immense potential to drive economic growth, increase employment, and empower women in India.
- The Headline inflation has been below 4 per cent for twelve straight months, from November, 2016 to October, 2017 and CPI food inflation averaged around one per cent during April-December in the current financial year.
- The survey said that India will need Dollar 4.5 trillion investment in infrastructure by 2040.
- The Survey has observed that the growing rural to urban migration by men has led to ‘feminisation’ of agriculture sector.
- The Chapter on Sustainable Development, Energy and Climate Change noted that India has strengthened its response to the threat of climate change in accordance with the "Paris Pledge."
- The Survey blames four factors for rising pollution in the National Capital Region — crop residue and biomass burning, vehicular emissions, redistributed road dust from industries and power plants, and winter temperature inversion due to lack of humidity and absence of wind.
- The Economic Survey has observed that the quality of hygiene and sanitation had a significant impact on improving the health outcomes.
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