Budget 2017: Economic Survey ascertains next fiscal growth upto 7.5%

New Delhi: The Economic survey 2017 tabled before the Parliament by the government on Tuesday, a day before the presentation of union budget February 1, measured the next fiscal’s growth at 6.75-7.5 per cent.

The survey was presented by the Finance Minister Arun Jaitley who stated that the Gross Domestic Product (GDP) growth for fiscal year 2016-17 is expected to dip to 6.5 per cent down from 7.6 per cent that in last fiscal.

What else was projected in the Economic Survey 2017:

• Current account deficit (CAD) narrowed in the first half of 2016-17 to 0.3 per cent of GDP.
• Inflation is repeatedly being driven by narrow group of food items. Pulses are the major contributor of food inflation.
• Inflation based on Wholesale Price Index (WPI) averaged 2.9 per cent during April-December 2016.
• Consumer Price Index (CPI) based core inflation has remained stable in current fiscal year averaging around 5 per cent.
• Economic growth is expected to return to normal as new currency notes in required quantities have been injected in the economy.
• Economic Survey sees fiscal windfall from Pradhan Mantri Garib Kaayan Yojana and low oil prices.
• FDI inflows are at a record high on the second half last year.
• Currency squeeze was less severe than generally perceived.
• India should be close to remonetisation of the economy in a month or two.

The major achievements stated by Chief Economic Advisor Arvind Subramanium:

• GST
• Bankruptcy Policy
• Monitory Policy Commiittee
• Adhar Bill
• FDI Liberisation
• Promoting Labour Intensive Sectors (Apparels $ made-ups0
• UPI: Inter Operability and making 'M' in JAM (Jan Dhan, Aadhar and Mobile) a reality.

Amid opposition by the Congress MPs for the early presentation of the 2017 budget, Prime Minister Narendra Modi urged the opposition parties to let the Parliament work smoothly without any chaos. The Prime Minister stated that the Supreme Court and Election Commission has supported the Centre's decision of presenting the budget before the 2017 polls.

President Pranab Mukherjee also favoured a constructive debate on elections to Lok Sabha and legislative assemblies and funding of polls to eradicate money power.