Here are the major highlights of the economic survey of 2016-17 presented by Finance Minister Arun Jaitley in parliament today:
- Eight percent growth in next couple of years
- Indian economy stands out as a haven of macroeconomic stability, resilience and optimism and can be expected to register GDP growth that could be in the range of 7.0 percent to 7.75 percent in the coming year
- Despite difficult global environment, India likely to be fastest growing major economy in the world in 2016
- Economy will continue to weather global sluggishness with resilience; outlook of multilateral institutions positive for India
- Fiscal deficit target of 3.9 percent for 2015-16 seems achievable
-Coming year expected to be a challenging one from fiscal point of view
- Current Account Deficit (CAD) limits at 1.4 percent of GDP during April-September 2015-16
- GST rollout to mark an unprecedented reforms measure in the modern global tax history
- Indian equity market relatively resilient compared to other major emerging market economies
- Financial inclusion proceeding ppace under PMJD Yojana
- Several initiatives taken would help transforming infrastructure sector
- FTAs leading to increased imports and exports
- Trade deficit declines to $106.8 billion in April-January 2015-16 from $119.6 billion in corresponding period of 2014-15
- Foreign exchange reserves at $351.5 billion as on February 5, 2016
- Services Sector remains key driver of economic growth, contributing almost 66.1 percent in 2015-16
- FDI equity inflows in the services sector grew by 74.7 percent to $14.8 billion in the first seven months of 2015-16
- 2015 was a landmark Year for India in climate change initiatives
- India ranks first in milk production, accounting for 18.5 percent of world production
- India recording growth of 6.26 percent whereas world milk production increases by 3.1 percent
- Per capita availability of milk in India increased from 176 grams per day in 1990-91 to 322 grams per day by 2014-15
- Egg and fish production has also registered an increasing trend over the years
- Production of fish during the last quarter of 2015-16 shown an increasing trend and is estimated at 4.79 MT
- Impressive strides made in the power sector in the last two years: addition of record generation capacity, moves towards one market in power, reform of discoms and development of renewable energy
- Time ripe for industries to absorb excess generation capacity through “open access” to energize Make in India
- A progressive tariff structure can reduce costs for the poor without unduly burdening the rich
- Agriculture sector needs a transformation to ensure sustainable livelihoods for the farmers and for food security
- Disbursal of subsidy on fertilizers should shift to DBT
- Fixed amount of subsidy in the case of P and K fertilizer subsidy
- Need for shift to demand-driven agricultural advisory services
- Percentage share of horticulture output in agriculture is more than 33 percent
- Over the last decade, area under horticulture grew by about 2.7 percent per annum and annual production increased by seven percent
- Production of horticulture crops has Outpaced production of foodgrain Since 2012-13
- For food security in the current agriculture scenario, India has to focus on supplies which are timely, uninterrupted and affordable for the poor
- 57 percent of households had calorie intake below 2,160 KCal/consumer unit/day
- Average protein intake per capita per day rises steadily
- India has the second highest number of undernourished people, warranting immediate attention
- GDP growth to be in range of 7 to 7.75 per cent in 2016-17.
- Upcoming budget and economic policy will have to contend with an unusually challenging and weak external environment.
- GST rollout to mark unprecedented reform
- Outcomes in education remains a concern
- Fiscal deficit target of 3.9 percent of GDP feasible
- Hurdles must go for both entry into and exit from business
- Fertiliser subsidy distorting market, needs reforms
- Outcomes in education remains a concern
- India has 2nd highest number of undernourished people
- Indian stock markets more resilient than peers: Economic Survey
(With inputs from IANS)