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Economic Survey 2018 Highlights

Economic Survey 2018
  • GDP to grow 7-7.5% in FY19; India to regain fastest growing major economy tag
  • GDP growth to be 6.75% in FY2017-18.
  • NITI Aayog Vice Chairman says that he hopes the government sticks to its 3% fiscal deficit target for FY19 but that it was possible that the deficit could end up being higher than that.
  • Agriculture, education, and employment will be areas of focus in the medium term.
    Economic Survey says private investment is poised for a rebound.
  • Policy vigilance required next fiscal if high oil prices persist or stock prices correct sharply.
  • The Economic Survey says economy management is likely to be challenging in FY19.
  • Policy agenda for next year — support agriculture, privatise Air India, finish bank recapitalization.
  • GST data shows 50% rise in number of indirect taxpayers.
  • Tax collection by states, local governments significantly lower than those in other federal countries.
  • Demonetisation has encouraged financial savings.
  • Insolvency Code being actively used to resolve NPA woes.
  • Retail inflation averaged 3.3% in 2017-18, lowest in last 6 fiscals.
  • India needs to address pendency, delays and backlogs in the appellate and judicial arenas.
  • Urban migration leading to feminisation of farm sector.
  • Economic Survey says that consumption demand is likely to be aided by low real estate.
  • Rs 20,339 cr approved for interest subvention for farmers in current fiscal
  • FDI in services sector rises 15% in 2017-18 on reforms.
  • Fiscal federalism, accountability to help avoid low equilibrium trap.
  • India’s external sector to remain strong on likely improvement in global trade. The biggest source of upside potential is the exports sector.
  • Technology should be used for better enforcement of labour laws.
  • 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
  • Survey 2017-18 in pink colour to highlight gender issues.
  • The Economic Survey has taken note of the behavioural pattern of Indian parents who prefer to have children “until the desired number of sons are born” calling this the “son meta-preference. The Economic Survey has mentioned that the desire for a male child has created 21 million “unwanted” girls in India between 0 and 25 years. While India has shown improvement in several parameters related to women’s empowerment, the preference for a son has not diminished.

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