Economic Survey Highlights: ‘GST, bank recapitalisation boosted Indian economy’
A series of major reforms undertaken over the past year will allow real GDP growth to reach 6.75% this fiscal and will rise to 7.0 to 7.5% in 2018-19, said the economic survey tabled by finance minister Arun Jaitley. Follow live updates here.Union Budget 2018 Updated: Jan 29, 2018 18:42 IST
India’s economy should grow between 7% and 7.5% in 2018-19 with exports and private investment set to rebound, the country’s top finance ministry economist said in the annual Economic Survey presented on Monday.
The forecast estimates that gross domestic product will have grown 6.75% in the current fiscal year ending in March.
The Economic Survey is the ministry’s view on the annual economic development of the country.
Below are the live updates:
5:30pm: The Economic Survey calls for more representation of women in decision making process in the country, saying their political participation has been low despite them accounting for 49% of the population.
5:15pm: “Economic Survey 2018 is quite optimistic as compared to previous years. It has reflected that rate of economic growth will increase and predicted that in coming years, growth rate will be between 7-7.5%. My own estimate is that it will be more than this,” says Rajiv Kumar, vice chairman of NITI Aayog.
5:00pm: The number of persons defecating in open in rural areas has declined to 25 crore in January 2018 from 55 crore in October 2014, with eight states and two union territories declared as open defecation free, the Economic Survey says.
2.16pm: The working of GST Council has shown that cooperative federalism can really work: Arvind Subramanian.
2.14pm: As India emerges as one of world’s largest economies, it needs to gradually move from being a net consumer of knowledge to becoming a net producer: Chief economic adviser Arvind Subramanian.
2.12pm: GST brings out new findings on the Indian economy that says reforms has increased tax rolls, formal sector is much bigger than believed, firm structure of exports highly diversified and states are big traders: Arvind Subramanian.
2.10pm: In our bid to further the cause of women’s empowerment, the cover of Economic Survey 2018 is ‘pink’: Arvind Subramanian
2.03pm: Chief economic adviser says the government does not have to do anything radical; just finishing what it has started already would be a very ambitious and fantastic agenda to complete.
2.01pm: This year oil prices went up that affected consumption and government finances and also held back real economic activity: Arvind Subramanian
From the very 1st survey onwards we've spoken about the twin balance sheet challenges, under capitalised banks which held back growth for a very long time. This year a series of very important steps are being taken: Arvind Subramanian, Chief Economic Adviser #EconomicSurvey2018 pic.twitter.com/fBnzrB6D2G— ANI (@ANI) January 29, 2018
1.58pm: We think of the twin balance sheet challenges having 4 ‘R’s - Recognition, Resolution, Recapitalisation and Reforms. I think now we are well ahead on all of them: Arvind Subramanian
1.55pm: Major achievements this year gone are the launch of Goods & Services Tax, decisive tackling of Twin Balance Sheet challenge and validation of achievements and recognition of medium term prospects: chief economic adviser Dr Arvind Subramanian
1.40pm: Boost in registered direct and indirect taxpayers: A 50% increase in unique indirect taxpayers under the GST vis-a-vis the pre-GST system & an addition of about 1.8 million individual income tax filers since Nov 2016, says chief economic adviser Arvind Subramanian.
◼ Former non-agricultural payroll much greater than believed
◼ States’ prosperity is positively correlated with their international and inter-state trade
◼ Clothing incentive package boosted exports of readymade garments
◼ Indian parents continue to have children until they get desired number of sons
◼ Substantial avoidable litigation in tax arena which govt action could reduce
◼ To re-ignite growth, raising investment is more important than raising saving
◼ Direct tax collection by Indian states and local govts are significantly lower than those of their counterparts in other federal countries
◼ Extreme weather adversely impacts agriculture yields.
12.55pm: Economic Survey calls for “policy vigilance” in coming year if high oil prices persist or stock prices correct sharply.
12.50pm: Indian economy accelerated in second half of current fiscal due to GST, bank recapitalisation, liberalisation of FDI and higher exports: Economic Survey.
12.44pm: New facts on the Indian Economy: To re-ignite growth, raising investment is more important than raising saving, Direct tax collection by Indian states and local govts are significantly lower than those of their counterparts in other federal countries.
12.42pm: New facts on the Indian Economy: Extreme weather adversely impacts agriculture yields.
12.41pm: Preliminary analysis of the Goods and Services Tax data reveals 50% increase in the number of indirect taxpayers.
12.40pm: Current high oil prices a major concern, says Economic Survey 2017-18.
12.35pm: Economic Survey 2017-18 predicts India’s GDP growth to be between 7-7.5% in 2018-19.
12.32pm: A series of major reforms undertaken over the past year will allow real GDP growth to reach 6.75% this fiscal and will rise to 7.0 to 7.5% in 2018-19: Economic Survey.
12.30pm: Economic Survey 2017-18 tabled in Lok Sabha by FM Arun Jaitley.
11:46am: To bring transparency in government procurement and to provide opportunity to maximum number of entrepreneurs, a new system - Government E-market place has been created by the name of GeM. With the help of GeM portal, even the smallest of entrepreneurs are now capable of selling their products to Government: President Kovind
11:11am: As a result of Government’s policies and the hardwork of farmers, a record production of more than 275 million tonnes of food grain and about 300 million tonnes of horticultural produce has been achieved in the country: President Kovind
11:09am: The highest priority of my Government is to remove various difficulties faced by farmers and to raise their standard of living. The schemes of my Government are not only removing their hardships but also reducing the expenditure incurred by them on farming: President Kovind
11:08am: To make bank credit accessible to the poor and middle class and to encourage self-employment, my Government has facilitated provision of credit without insisting on bank guarantee: President Kovind
11:00am: President Kovind addresses both Houses of Parliament at the commencement of Budget session
10:57am: President Ram Nath Kovind arrives at the Parliament. He will be addressing both the Houses at the commencement of Budget session
10:50am: This Budget session is important. The world is optimistic about India. Agencies like World Bank and IMF have been giving an optimistic opinion of the country: PM Narendra Modi