Economic survey 2017 details.Economic survey in India is conducted by finance ministry and it is released each year by the ministry and finance minister presents the economic survey. For this year the economic survey report has been released and the highlights of the release has been given below. From this year the union budget and the railway budget has been merged. All those who are preparing for the examination should learn these details. The economic survey projects the economic growth of 6.75% while the international agencies have reduced the growth of India after demonetization.
Economic survey report highlights 2017
Demonetisation may affect supplies of certain agricultural products like sugar, milk, potatoes and onions
Demonetisation to affect growth rate by 0.250.5 per cent, but to have longterm benefits Efforts to collect taxes on disclosed and undisclosed wealth should not lead to tax harassment
Farm sector to grow at 4.1 per cent this fiscal, up from 1.2 per cent last year Fiscal gains from GST will take time to realise
Fiscal windfall likely from Pradhan MantriGaribKalyanYojana, low oil price
GDP growth for next fiscal pegged at 6.757.5 per cent
Growth rate of industrial sector to moderate to 5.2 per cent this fiscal, from 7.4 per cent last fiscal
Growth this fiscal to be 6.5 per cent
Growth to return to normal when the new currency comes into circulation as per the report
GST which was the idea of congress is going to prove beneficial and this may take growth rate to 8-10 %
Universal Basic Income Scheme is an alternative to plethora of state subsidies for poverty alleviation.
Tax administration could be improved to reduce discretion and improve accountability Time table for cutting corporate tax should be accelerated
Income tax net could be widended gradually by encompassing all high income earners