Just a few hours after President Ram Nath Kovind addressed the Parliament ahead of the Budget session 2018, Union Finance Minister Arun Jaitley tabled the Economic Survey 2017-18 in the Lok Sabha. The Economic Survey 2017-18 has predicted India’s Gross domestic product (GDP) growth to be between 7% and 7.5% in the financial year 2019. As per the survey tabled by the Finance minister, Arun Jaitley, average crude oil prices were seen rising at the rate of 12% in 2019. In the 3-day budget session, discussions will be held over the economic survey along with other important bills. The session will end on February 1, with Arun Jaitley presenting the Union budget of India.
The following forecast comes to light after the ruling government lowered its GDP growth to 6.5% for the financial year ending March 2018. The BJP also faced extreme criticism over the GDP rate, which has been recorded as the weakest in 4 years. According to the survey, employment along with education and agriculture to be the focus areas for the mid-term. The economic survey also claimed that the GDP growth has averaged at 7.3% for the period between 2014-15 and 2017-18. The following GDP, 7.3% is also said to be highest among major economies of the world.
It was also noted that there was an augmentation in the spot levels of foreign exchange reserves to close to 414 billion US dollar by January 12, 2018. The economic survey has also predicted 50% increase in the number of indirect taxpayers in the nation. Soon after the economic survey was tabled in the lower house, Chief Economic Adviser, Arvind Subramanian took to his Twitter handle and hailed the achievements by his government in the past. he said, “Major achievements of past year implementing GST, responding quickly to transitional challenges and tackling long-festering Twin Balance Sheet challenge by sending stressed debtors to IBC and bank recap”.
In a series of tweets shared by Arvind Subramanian, the Financial Adviser shared a number of graphs predicting the growths in various sectors.
Here is the copy of the press release accessed by NewsX. PIB Press Releases on Eco Survey 2017-18 (1)