Economic Survey 2017-18: Quick Highlights

Here are quick highlights from the Economic Survey 2017-18 presented in parliament today ahead of the Union Budget 2017-18. The Economic Survey reviews the developments in the Indian economy over the previous 12 months, summarizes the performance on major development programmes, and highlights the policy initiatives of the government and the prospects of the economy in the short to medium term.

• GDP is expected to grow between 6.75 to 7.5 per cent the Economic Survey for 2017-18 has pointed out.
  
• Rising crude prices poses a risk to inflation, the survey noted.
  
• Demonetization risks remain for growth in 2017-18.
• India's economic experience shows that the fiscal activism embraced by advanced economies - giving a greater role to counter-cyclical policies and attaching less weight to curbing debt- is not relevant for India, it pointed out.
  
• The Economic Survey obesrved that Lower interest rates in FY 2018 would boost the economy.
  
• It also noted that De-monetization would have short term costs and long-term gains.
  
• Universal Basic Income an appealing idea, it said.
  
• The Current Account Deficit (CAD) narrowed in the first half (H1) of 2016-17 to 0.3 % of GDP.
• Major challenge according to the report is to re-establish private investment, exports as drivers of growth.
• Suggests a a cut in the Income Tax rates.
  
• Calls for an accelerated time table for cut in corporate tax rates.
  
• Gains from GST to come only after a passage of time.