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Indian Economy will Grow by 7 – 7.5 % in 2018 – 19 | Economic Survey

The report card of country’s financial health is out. The budget session of the Economic Survey of India took place in both Lok Sabha and Rajya Sabha. President Ram Nath Kovind commenced the budget session in on 29th January 2018 which followed by the tabling of the Economic Survey.

The Economic Survey is basically the annual publication of the Finance Minister which is presented in both houses of Parliament in the course of budget session. And this session put in a nutshell the performance of the government’s major development programmes which were undertaken during that period.

Key Takeaways from the Economic Survey 2017 – 18

According to the survey below are the 6 new economic facts that you should know from the session:

  1. As per the survey, India’s lay out on R & D (Research and Development) in terms of GDP (Gross Domestic Product) has stood still at 0.6 to 0.7 per cent which is lesser than US, China, South Korea, and Israel

The country needs to be redouble its efforts to make improvements in Science and R & D
said by the Finance Minister Arun Jaitley

  1. It has been also observed that there is only 50 % increase in the number of indirect tax payers. And also more SMEs (Small Business Enterprises) have registered themselves voluntarily that buy from large enterprises wanting to avail themselves of input tax credit
The survey states that major producing states’ fear that the shift to the new system would undermine their tax collections had been allayed as the distributions of the GST base among them got closely linked to the size of their economies.
  1. There is a positive sign for the trade as the states that exports internationally along with the other states were considered substantial
  2. As stated by the authority on the economic survey, demonetisation which took place in November 2016, has revitalized the financial savings in aggregate household savings
The share of financial savings is already rising in aggregate household saving – with a clear shift visible towards market instruments – a phenomenon that has been helped by demonetisation
  1. As per the survey, The top 1 % of Indian firms account for only 38% of exports. This percentage contradicts other countries as they account for a larger share.
  2. Also ROSL (Rebate of State Levies) has increased exports of ready – made garments by about 16%

Over and above that, India’s Budget 2018 will be out on February 1st and Finance Minister Arun Jaitley will present the budget.

On that same matter, Prime Minister Narendra Modi said that

this year’s budget would fulfil the expectation of common people.

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