Economic Survey 2017-18: Key takeaways

Finance Minister Arun Jaitley tabled the Economic Survey report 2017-18 on Monday in both houses of the Parliament where the economic growth for the fiscal year 2018-19 was projected between 7% and 7.5% while flagging concerns over rising crude oil price.

The report also stated private investment is assured to rebound in the fiscal year 2019 with the focus to remain on employment, education and agriculture.

Key points from the Economic Survey report -

• According to the report, the GDP growth rate for the fiscal year 2017-2018 is pegged at 6.75% while the government estimate was at 6.5%.
• The Indian economy is expected to grow between 7% and 7.5% according to the survey and the International Monetary Fund (IMF) estimated India’s growth at 7.4% in the current year 2018.
• On the Goods and Service Tax (GST) implementation, the survey indicates 50% increase in number of indirect taxpayers, formal sector in India found to be greater, large increase in voluntary registrations, strong correlation between export performance and state’s standard of living, distribution of GST base closely linked to size of economies.
• In November 2017, the level of tax filers was 31% greater translating roughly into about 1.8 million additional taxpayers due to demonetization/GST, which further represented 3% of existing taxpayers.
• Services growth for FY18 to be 8.3%, Agriculture growth - 2.1%, while the Industry growth - 4.4%.
• In the Indian corporate sector, the IBC resolution process could prove a valuable technology
• India is yet to capitalise on the apparel sector which has immense potential to empower women, drive economic growth and increase employment.
• Oil prices remain a major concern
• Investment infrastructure by 2049 - $4.5 trillion
• As per the survey, the economy witnessed a gradual transition from a period of high inflation to more stable prices in the last four years.
• Current account deficit expected 1.5-2% of the GDP this fiscal and export growth at 12.1%.