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Highlights Of Economic Survey 2016
The economic survey pointed out that the India would stand-out in the midst of the poor global economic backdrop. The quick highlights of the Economic survey for 2016 is as follows:
* 7th Pay Panel, OROP to put extra burden on FY17 spending.
* RBI should be able to meet 5% inflation aim by March 2017.
* GDP projected at in range of 7-7.75% for FY 2016.
* FY 2016 fiscal deficit target of 3.9 per cent likely to be achieved.
* Coming year likely to be challenging from fiscal deficit point of view.
* India likely to be fastest growing economy in 2016-17.
* Services sector will continue to be the key driver for India.
* Long run GDP potential at 8-10 per cent.
* Current Account Deficit as a proportion of GDP likely to be in the low range of 1 to 1.5%.
* Underlying stressed assets in corp sector must be sold or rehabilitated.
* PSU Banks to Need Rs. 1.8 lakh crores capital by FY 2019.
*Proposes widening tax net from 5.5 per cent of earning individuals to more than 20 per cent.
* The government could sell stake in non finance non financial companies to infuse capital in state-run banks.
The Economic Survey highlights were more or less on expected lines with regards to the current account deficit, challenging international environment, inflation etc.
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