Highlights of Economic Survey 2017-18

• For the fiscal year 2016-17, the real GDP growth was 6.75% and the Economic Survey predicts 7-7.5% growth in 2017-18.
• The key focus areas in the medium term are employment, education and agriculture.
• In 2017-18, the Gross Value Added (GVA) at constant basic prices is expected to grow at the rate of 6.1% as compared to 6.6% in 2016-17.
• Agriculture, industry and services sectors are expected to grow at the rate of 2.1%, 4.4%, and 8.3% respectively in 2017-18.
• India’s GDP growth is the highest among the major economies of the world having an average of 7.3% for the period from 2014-15 to 2017-18.
• India’s average growth during last three years is around 4% higher than global growth and nearly 3% higher than that of Emerging Market and Developing Economies.
• The next year’s agenda include stabilizing the GST, solving TBS problem and implementing necessary actions, privatizing Air India, and ensuring macroeconomic stability.
• 50% increase in the number of indirect taxpayers has been recorded. Moreover, 18 lakh new individual income tax filers have been recorded since November 2016.
• India’s top 1% firms account only for 38% of exports, which is much lower compared to global standards.
• Exports of readymade garments (man-made fibers) have increased by about 16% due to Rebate of State Levies (ROSL).
• 5 states namely Maharashtra, Gujarat, Karnataka, Tamil Nadu and Telangana account for 70% of India’s exports.
• India’s internal trade in goods and services is 60%of GDP.
• IBC mechanism is being used actively to resolve NPA problem.
• 2017-18 averaged the lowest inflation in the last six years.
• Rs20,339cr approved for interest subvention in 2017-18.
• The ratio of domestic saving to GDP reached 29.2% in 2013 to a peak of 38.3% in 2007, before falling back to 29% in 2016.

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