Major Highlights: Economic Survey 2016-17 | DOWNLOAD PDF

Hello and welcome to exampundit. Union finance minister Arun
Jaitley on Tuesday tabled the Economic Survey 2016-17 in Parliament budget
session. The survey projects the economy to grow in the range of 6.75% to 7.25%
in the next fiscal year 2017-18 in the post-demonetisation year.

Here are the major highlights from the Economic Survey 2016-17:
Gross domestic product (GDP) growth in 2016-17 to dip to 6.5%, down
from 7.6% in last fiscal.
■ Economic growth to rebound to
6.75 to 7.5% in 2017-18.
■ Economic Survey sees fiscal
windfall from Pradhan Mantri Garib Kalyan Yojana, low oil prices.
■ Farm sector to grow at 4.1%
in the current fiscal, up from 1.2% in 2015-16.
■ Fiscal gains from Goods and
Services Tax (GST) will take time to realise.
■ Growth rate of industrial
sector estimated to moderate to 5.2% in 2016-17 from 7.4% last fiscal.
■ The survey prepared by Chief
Economic Adviser in the finance ministry Arvind Subramanian said the adverse
impact of demonetisation on GDP growth will be transitional.

The Economic Survey 2016-17 has advocated the concept of Universal
Basic Income (UBI) as an alternative to the various social welfare schemes in
an effort to reduce poverty
. In his budget speech earlier this month,
J&K finance minister Haseeb Drabu said he would want to create a social
security fund and provide a UBI to all those living below the poverty line
through a direct benefit transfer system.


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Team ExamPundit