Finance Minister Arun Jaitley presented Economic Survey 2017-18 in both Houses of Parliament on January 29, 2018. The Economic Survey shows the condition of different sectors of the Indian economy. Economic survey helps in the assessment of the actual economic condition of the country. This survey is sought after by so many individuals and institutions like; students, policy makers, research scholars, IMF, World Bank, foreign governments and foreign investors etc.
The main points of the economic survey 2017-18 are as follows;
1. Economic Survey-2017-18 says that the rate of economic growth for the financial year 2018-19 will be between 7% to 7.5% whereas for the fiscal year 2017-18, it is expected to be around 6.5%.
2. The agricultural growth rate is expected to be 2.1% for the financial year 2018 and industrial sector is expected to grow at the rate of 4.4% in the same period.
3. The growth of service sector is expected to be 8.3% for FY 2018.
4. The share of private corporate sector in the total savings has increased from 9.5% of GDP in 2011-12 to 12 % of GDP in 2015-16.
5. The savings of household sector as a ratio of GDP have declined from 23.6 per cent in 2011-12 to 19.2 per cent in 2015-16.
6. The Current Account Deficit in fiscal year 2018 is expected to be between 1.5 - 2% of GDP, while export growth is expected to be 12.1% during this period.
7. The Economic Survey states that due to the implementation of GST, the number of indirect tax payers has registered an increase of 50%.
8. In the survey it has been predicted that if oil price increases by $ 10 per barrel then; this reduces the GDP growth by 0.2- 0.3%, raising WPI-based inflation to 1.7%, and the Current Account Deficit increases up to 10 billion dollars.
9. The survey says that India will need around $ 4.5 trillion for the development of the infrastructure sector by 2040.
10. The main objective of 'India Net' and 'Digital India' programs is to convert India into a digital economy. By the end of September 2017, the number of telephone subscribers in India was 1207 million, out of which 502 million connections were in rural areas and 705 million in urban areas.
11. India has produced 330,861 MW of electricity by 30th November 2017.
12. Cleanliness coverage in rural India has increased from 39% in 2014 to 76% in January 2018.
13. Between November 2016 to October 2017; India has experienced average inflation (CPI) of 3.7%.
14. Between December 2016 to December 2017; India's foreign exchange reserve shown annual growth of 14% and reached to the level of 409.4 billion US dollars.
15. India’s stock of external debt increased by 5.1 per cent to US$ 495.7 billion between September 2017 to March, 2017.
So these were the key points based on the economic survey 2017-18. These points are clearly posing a bright future of the Indian economy in the coming years.
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