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India expects to regain pole place as fastest-growing main financial system

31 January 2018

The survey, an annual report card on the health of the economy, was released ahead of the government's budget statement which will be presented by Finance Minister Arun Jaitley on Thursday.

The Gross Domestic Product (GDP) growth was 7.1 per cent in 2016-17 and 8 per cent in the preceding year.

The Indian economy will grow at 6.75 per cent for the rest of 2017-18 as opposed to 6.5 per cent predicted by the advance estimates by CSO.

Deloitte India's Lead Economist Anis Chakravarty said the Survey provides a holistic picture of the achievements of the last one year and challenges for the next year.

A day after presenting his fourth Economic Survey, Chief Economic Advisor Arvind Subramanian said the upcoming Budget would eschew populism and there was a need for a more realistic fiscal road map.

Assocham President Sandeep Jajodia said while the Insolvency resolution mechanism has begun in the right earnest, a big vigil needs to be kept and the banks must be given additional capital at the earliest.

Shedding light on the impact of the Goods and Services Tax (GST) and demonetisation, the Economic Survey said that India's economy is "picking up quite nicely" and will expand by 7-7.5 per cent in 2018-19 to again become the world's fastest growing major economy.

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The Economic Survey has suggested that the Goods and Services Tax (GST) Council should comprehensively review "embedded taxes" and expeditiously eliminate the embedded export taxes to boost India's manufacturing exports.

China expects its economy to slow to a 6.5-6.8 per cent growth rate this year which would cede the top slot to India.

GDP may be impacted by 0.2-0.3 per cent, inflation will be higher by 0.2-0.3 per cent and current account deficit will widen if oil prices were to rise by United States dollars 10 per barrel, Subramanian said.

Similarly, for the first time, the Survey did a firm-level analysis on exports and found that export concentration by firms was much lower in India than in the U.S., Germany, Brazil, or Mexico - meaning that India had no "exports superstars" and that its export structure was "egalitarian" in nature.

"India remained the eighth largest exporter in commercial services in the world in 2016 with a share of 3.4%".

50 per cent more tax payers this year.

The Economic Survey 2017-18 has emphasized that apart from the usual geo-political and geo-economic risks, the main risks lying on the macro-finance front in advanced economies stem from three inter-related sources - asset valuations, interest rates and bond and equity prices.

India expects to regain pole place as fastest-growing main financial system