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LATEST NEWS UPDATES | Eco Survey 2018: FY19 GDP growth seen at 7-7.5% Surabhi

Eco Survey 2018: FY19 GDP growth seen at 7-7.5% Surabhi

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published Published on Jan 29, 2018   modified Modified on Jan 29, 2018
-The Hindu Business Line

The Survey has said that India can be rated as among the best performing economies in the world

The Economic Survey 2018 has pegged FY19 GDP growth at 7-7.5%.  The Finance Minister Arun Jaitley on Monday tabled the Economic Survey 2017-18 in the lower house. 

The Survey has said that India can be rated as among the best performing economies in the world as the average growth during the last three years is around 4 percentage points higher than the global growth.

“A series of major reforms undertaken over the past year will allow real GDP growth to reach 6.75 percent this fiscal and will rise to 7 to 7.5 percent in 2018-19, thereby re-instating India as the world’s fastest growing major economy,” said the Survey, which was tabled in Parliament by Finance Minister Arun Jaitley on Monday.

However, it said the current high oil prices are a major concern.

Chief Economic Advisor Arvind Subramanian said, “the major achievements of the past year include the Goods and Services Tax, resolution of the Twin Balance Sheet (TBS) problem by sending the major stressed companies for resolution under the new Indian Bankruptcy Code, implementing a major recapitalisation package to strengthen the public sector banks, further liberalisation of FDI and the export uplift from the global recovery.”

This was also validated by the first upgrade in sovereign ratings in 14 years, he noted.

A possible increase in global crude oil prices could dampen growth expectations next fiscal, said the Survey, while expressing hope that recovery in investments, improved global growth outlook and stabilisation of GST will however help pick up the domestic economy.

It expects the fiscal deficit to remain contained at 3.2 per cent of the GDP in 2017-18 and CPI inflation to remain at an average 3.3 per cent.

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The Hindu Business Line, 29 January, 2018, http://www.thehindubusinessline.com/economy/budget/economic-survey-2018-fy19-gdp-growth-seen-at-7-75/article22549574.ece?homepage=true


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