Finance Minister Arun Jaitley on Tuesday presented the Economic Survey in Parliament, a day before presenting the Union Budget. Drafted by Chief economic advisor Arvind Subramanian, it is expected to give strong pre-budget indications.
Economic Survey is basically the official report of the economy which is presented every year, usually a day before the Union Budget is presented.
The Union budget for the financial year 2016-2017 will be presented on February 1 by the Finance Minister. This Budget is also crucial considering the fact that 5 states are going to polls around plus Railway Budget will also be with the union budget for the first time.
Here are live updates:
#India’s trade-GDP ratio is now greater than China’s: Economic Survey
#FDI reform measures were implemented, allowing India to become one of the world’s largest recipients of FDI: Economic Survey
#Demonetisation has had short-term costs but holds the potential for long-term benefits: Economic Survey
#GDP growth rate at constant market prices for year 2016-17 placed at 7.1 % as per the Advance Estimates by the CSO
#The decline in Fiscal Deficit has continued: Economic Survey
#Inflation is repeatedly being driven by narrow group of food items, pulses being major contributor of food inflation: Economic Survey
#The current account deficit (CAD) narrowed in the first half (H1) of 2016-17 to 0.3 % of GDP: Economic Survey
#Inflation based on Wholesale Price Index (WPI) averaged 2.9 per cent during April-December 2016
#Headline inflation as measured by Consumer Price Index (CPI) remained under control for the third successive financial year: Economic Survey
#Growth rate of the industrial sector estimated to moderate to 5.2% in 2016-17 from 7.4% in 2015-16
#Agriculture sector to grow at 4.1 per cent in the current year up from 1.2 per cent in 2015-16
#Economic Survey 2016-17 suggests setting up of a centralised Public Sector Asset Rehabilition Agency
#Economic Survey: Universal Basic Income (UBI) Scheme an alternative to plethora of State subsidies for poverty
#Fiscal activism embraced by advanced economies not relevant for India: Economic Survey 2016-17
#In creating one Economic India, Technology, Economics and Politics are Surging Ahead
#Labour migration in India increasing at an accelerating rate, reveals new study: Economic Survey 2016-17
#Property Tax can be tapped to generate Additional Revenue at City Level
#Redistributive Resource Transfers (RRT) should be significantly linked to fiscal and governance efforts on the part real per capita GSDP between 1983 and 2014, shows across-the-board improvement: Economic Survey 2016-17
#Economic growth expected to return to normal as new currency notes in required quantities come back into circulation
#On balance, there is a likelihood that Indian economy may recover back to 6 ¾ per cent to 7 ½ per cent in 2017-18