Union Finance minister Arun Jaitley laid in both the houses the Economic Survey of India 2017-18. Following the laying of paper, both Rajya Sabha and Lok Sabha were adjourned to meet on February 1, 2018.
The Economic Survey has pegged 2018-19 GDP growth at 7-7.5 percent. Reinstating India as world’s fastest growing major economy the GDP is tipped to expand by 6.75% in 2017-18, says Economic Survey tabled in Parliament.
“That this growth has been achieved in a milieu of lower inflation, improved current account balance and notable reduction in the fiscal deficit to GDP ratio makes it all the more creditable,” it said.
The Economic Survey has, however, flagged that current high oil prices are a major concern. It called for “policy vigilance” in coming year if high oil prices persist or stock prices correct sharply.
Economy accelerated in second half of current fiscal due to GST, bank recapitalisation, liberalisation of FDI and higher exports, said the Economic Survey, adding that the Gross Value Added (GVA) expected to grow by 6.1 per cent in 2017-18 as compared to 6.6 per cent in 2016-17.
Preliminary analysis of the Goods and Services Tax data reveals 50% increase in the number of indirect taxpayers, said Economic Survey.
The Economic Survey also said there is need to address pendency, delays and backlogs in the appellate and judicial arenas.
(With inputs from PTI)