Wednesday, February 1, 2017

The Union Finance Minister Arun Jaitley on 31 January 2017 presented the Economic Survey 2017 in the Parliament. 

Highlights of Economic Survey 2016-17
• Macro economy: As per the advance estimates released by the Central Statistics Office, the growth rate of GDP at constant market prices for the year 2016-17 is placed at 7.1 per cent, as against 7.6 per cent in 2015-16.
• This estimate is based mainly on information for the first seven to eight months of the financial year. 
• For 2017-18, it is expected that the growth would return to normal as the new currency notes in required quantities come back into circulation and as follow-up actions to demonetisation are taken.
• On balance, there is a likelihood that Indian economy may recover back to 6.75 per cent to 7.5 per cent in 2017-18.
• Fiscal: Indirect taxes grew by 26.9 per cent during April-November 2016.
• The strong growth in revenue expenditure during April-November 2016 was boosted mainly by a 23.2 per cent increase in salaries due to the implementation of the Seventh Pay Commission and a 39.5 per cent increase in the grants for creation of capital assets.





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