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Home >> News >> Finance Minister Arun Jaitley Presented Economic Survey 2017-18 in Parliament, Know Key Points

Finance Minister Arun Jaitley Presented Economic Survey 2017-18 in Parliament, Know Key Points


IndiaNewsonWeb: 29 Jan, 2018, Union Finance Minister Arun Jaitley presented the Economic Survey 2017-18 in Parliament According to the Economic Survey, during the financial year 2018-19, the GDP growth rate can be between 7 to 7.5 percent. At the same time, the growth rate for the financial year 2017-18 is estimated to be 6.75 percent. So, according to the financial survey presented by the Central Government, the Indian economy is the fastest growing economy in the world in the current period.

Know about 10 special things of the Economic Survey:

1. Increase in the number of direct and indirect tax payers

According to the Economic Survey, the number of indirect tax payers under GST is 50 percent more than the former GST system. With this, 1.8 million more people have filed income tax returns since November 2016.

2. Non-agricultural employment exceeds expected

According to the Economic Survey, employment in the non-agricultural sector (Formal Sector) on the basis of Social Security Statistics (EPFO, ESIC) is up by 30 percent. At the same time, employment figures under GST have increased by 50 percent.

3. Earnings of States on Global Trade

On the basis of the figures released by the Central Government, the state's earnings are dependent on the global trade and interstate trade done by them. The states which have been trading in these areas.

4. India's export sector is better than the rest of the country

According to the survey data, the top 1 per cent companies in the country exported 38 per cent of the country's total. In other countries, this figure is worse than India. Top one percent companies in Brazil export 72 percent, Germany's 68 percent, 67 percent in Mexico and 55 percent in the United States.

5. Rising prices of crude oil are the biggest threat

According to the Economic Survey, the biggest challenge facing the Central Government during the next financial year is the rise in crude oil prices in the international market. However, expectations of improvement in the global rate during this period, improving GST and improving the level of investment will help the Indian economy to be relieved.

6. Economic reforms will continue

According to the survey, during the next financial year, the central government needs to take necessary steps to normalize GST, while focusing on the dual balance sheet, privatization of Air India and the stability of macroeconomic issues.

7. The special stake of the Government

According to the Central Government, the implementation of GST on July 1, 2017, the provision of banker code for resolving the dual balance sheet problem, the recapitalization plan to strengthen the government banks, simplify the rules of foreign investment and the situation of global economic recovery Due to good exports, the Indian economy can grow at a rate of 6.75 per cent during the current financial year.

8. The cities will have to mobilize financial resources

The country's urban population can cross the 600 million mark by 2031. Therefore, the Economic Survey advised the Central Government that cities need to raise financial resources for themselves through Municipal Bond, Public Private Partnership and Credit Risk Guarantee.

9. Great hope from FDI

According to the Economic Survey, during the financial year 2016-17, the total FDI in the country has increased by 8 percent. In the last fiscal, the total FDI inflow of 60.08 billion dollars in the country is 55.56 billion dollars compared to FDI.

10. State heavy on the center of earning

According to the Economic Survey, by the end of April-November 2017, the share of states has increased 25.2 percent, while the central government's net tax revenues rose by 12.6 percent. 

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