Dear Aspirants,

We present to you the Economic Survey 2018, as presented by the Finance Minister Arun Jaitely in the  Parliment on January 29th, 2018. With SBI Clerk, Canara Bank Po and Syndicate Po exams coming up knowing details about the budgetary session is extremely important.

what is the economic survey?

  • The Department of Economic Affairs, Finance Ministry of India presents the Economic Survey in the parliament every year, just before the Union Budget.
  • It is prepared under the guidance of the Chief Economic Adviser, Finance Ministry.
  • It reviews the developments in the Indian economy over the previous 12 months, summarizes the performance on major development programs, and highlights the policy initiatives of the government and the prospects of the economy in the short to medium term.
  • This document is presented to both houses of Parliament during the Budget Session.

Following are Major Highlights of the Economic Survey as Presented by the Finance Minister “Arun Jaitley”:

growth

  • 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.
  • 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.
  • 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.
  • The key focus areas in the medium term are employment, education and agriculture.

international exports

  • 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
  • Exports of readymade garments (man-made fibers) have increased by about 16% due to Rebate of State Levies (ROSL).
  • India’s internal trade in goods and services is 60% of GDP

Increase in registered indirect and direct taxes

  • 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.
  • The next year’s agenda include stabilizing the GST, solving TBS problem and implementing necessary actions, privatizing Air India, and ensuring macroeconomic stability.

Inflation

  • 2017-18 averaged the lowest inflation in the last six years.
  • Persistently high oil prices remain a key risk, to affect inflation
  • Average CPI inflation seen at 3.7 %

other points highlighted

  • Swachh Bharat initiative improved sanitation coverage in rural areas from 39% in 2014 to 76% in January 2018
  • Centre, states should enhance cooperation to deal with severe air pollution
  • Indian parents often continue to have children till they have the desired number of sons.


A Range of Free Mock Tests for you

2 Comments

  1. Pingback: Daily News Feed – 29th January, 2018 – PracticeMock Blog

Write A Comment