Hello and welcome to exampundit. Union finance minister Arun Jaitley on Tuesday tabled the Economic Survey 2016-17 in Parliament budget session. The survey projects the economy to grow in the range of 6.75% to 7.25% in the next fiscal year 2017-18 in the post-demonetisation year.
Here are the major highlights from the Economic Survey 2016-17:
■Gross domestic product (GDP) growth in 2016-17 to dip to 6.5%, down from 7.6% in last fiscal.
■ Economic growth to rebound to 6.75 to 7.5% in 2017-18.
■ Economic Survey sees fiscal windfall from Pradhan Mantri Garib Kalyan Yojana, low oil prices.
■ Farm sector to grow at 4.1% in the current fiscal, up from 1.2% in 2015-16.
■ Fiscal gains from Goods and Services Tax (GST) will take time to realise.
■ Growth rate of industrial sector estimated to moderate to 5.2% in 2016-17 from 7.4% last fiscal.
■ The survey prepared by Chief Economic Adviser in the finance ministry Arvind Subramanian said the adverse impact of demonetisation on GDP growth will be transitional.
■The Economic Survey 2016-17 has advocated the concept of Universal Basic Income (UBI) as an alternative to the various social welfare schemes in an effort to reduce poverty. In his budget speech earlier this month, J&K finance minister Haseeb Drabu said he would want to create a social security fund and provide a UBI to all those living below the poverty line through a direct benefit transfer system.
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