Business/Economy- Economic Survey 2016-17

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Economy- Economic Survey 2016-17


Highlights of Economic Survey 2016-17


India’s economic growth has been pegged at 6.5 per cent for the current fiscal, down from 7.6 per cent recorded in the last financial year, but is expected to rebound in the range of 6.75-7.5 per cent in 2017-18


* The survey was prepared by the Finance Ministry’s Chief Economic Adviser Arvind Subramanian.


* GDP growth for next fiscal pegged at 6.75-7.5 per cent


* Growth this fiscal to be 6.5 per cent


* Fiscal windfall from low oil prices to disappear in 2017/18.


*Implementation of wage hike, muted tax receipts to put pressure on fiscal deficit in 2017/18.


* Need for fiscal prudence for both center and states for the fiscal health of the economy.


* 2017/18 GDP growth seen between 6.75 and 7.5 per cent year on year.


* GDP growth rate at constant market prices for the current year 2016/17 is placed at 7.1 per cent.


*  Service sector is estimated to grow at 8.9 per cent in 2016/17.


* Industrial growth rate expected to moderate to 5.2 per cent in 2016/17 from 7.4 per cent in 2015/16.


* Farm sector to grow at 4.1 per cent this fiscal, up from 1.2 per cent last year


* Government debt to GDP ratio in 2016 seen at 68.5 per cent down from 69.1 per cent in 2015.


* Inflation: The average consumer price index (CPI) inflation rate declined to 4.9% in 2015-16 from 5.9% in 2014-15. CPI-based core inflation remained sticky around 5% in the 2016-17.


* Sharp rise in prices in 2017/18 may cap monetary easing headroom.


* Market interest rates seen lower in 2017/18 due to demonetization.


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