Hello and welcome to exampundit. Today marks the beginning of the budgetary session in our country. Since SBI Clerk, Syndicate and Canara Bank exams are nearing, Economic Survey, Budget is extremely important for the examinations. Today we are sharing the Major Highlights of Economic Survey 2017-18.
Following are the highlights of the Economic Survey 2017-18 tabled by Finance Minister Arun Jaitley in the Lok Sabha on January 29, 2018.
- 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.
- Swachh Bharat initiative improved sanitation coverage in rural areas from 39% in 2014 to 76% in January 2018
- Priority to social infrastructure like education, health to promote inclusive growth
- Centre, states should enhance cooperation to deal with severe air pollution
- Suvey 2017-18 in pink colour to highlight gender issues
- Indian parents often continue to have children till they have the desired number of sons