Economic Survey 2016-17 Vol II: Anand Sharma says economy is sliding, country staring at serious situation

Congress leader Anand Sharma criticised the central government after the second volume of Economic Survey 2016-17 was tabled by Finance Minister Arun Jaitely in the Lok Sabha on Friday. He claimed that the economy is sliding and until serious interventions are made, the country is looking at a very serious situation.

Moreover, Sharma also said that huge unemployment and job losses will occur as a result and it will lead to more despondency among the youth. The Survey displayed a pessimistic view on growth forecast with downward risk to the earlier estimated growth range of 6.75-7.5 per cent GDP growth for 2017-18.

The major highlights of the Economic Survey Volume II are as follows: 

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# India's FY18 economic outlook remains uncertain. 

# It further added that there still remains considerable scope for monetary easing. The RBI recently cut repo rate by 25 basis points bringing interest rates down to 6%. 

# CPI inflation to be below 4 per cent by March this fiscal.

# India's fiscal deficit gap may decline to 3.2% of the GDP in FY18. 

READ: India’s economic growth in next fiscal year to be in range of 7-7.5 per cent: Niti Ayog vice-chairman Arvind Panagariya

# On farm loan waivers of many state governments, the survey said that there are rising concerns that the waivers may disrupt finances of the said state government.