Union finance minister Arun Jaitley on 31 January 2017 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.The survey prepared by chief economic adviser in the finance ministry Arvind Subramanian stated the adverse impact of demonetisation on GDP growth will be transitional. The Economic Survey 2016-17 advocates the concept of Universal Basic Income (UBI) as an alternative to the various social welfare schemes in an effort to reduce poverty.
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.
Source- The Economic Times