New Delhi: The Finance Minister Arun Jaitley on Monday presented the Economic Survey of 2017 in the parliament. The survey has predicted a growth rate of 7-7.5% in the year 2018-19.
The Government while presenting the survey, which is the report card of the developments in the Indian economy over the previous 12 months promised to “whole-heartedly spend on the development projects”.
The Economic Survey sees GDP growth at 6.75 per cent in the current fiscal year, ending March 31, 2018. It says a series of major reforms undertaken over the past year will allow real GDP growth to rise to between 7.0 per cent and 7.5 per cent in 2018-19, thereby reinstating India as the world’s fastest-growing major economy.
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Stock markets remained strong in afternoon trade with Sensex and Nifty rising to record highs. The Sensex was up over 350 points while Nifty traded above 11,150.
The economic survey says the launch of the Goods and Services Tax (GST), resolution of long-festering bad loans under the Bankruptcy Code, the implementation of a bank recapitalisation package for public sector banks and further liberalisation of the foreign direct investment regime will lift GDP growth, which began to accelerate from the second half of the current fiscal year.
The International Monetary Fund (IMF) projects the Indian economy to grow at 7.4 per cent in 2018, which will make it the fastest growing country among emerging economies. The IMF has also projected a growth rate of 7.8 per cent for India in 2019.
The economic survey is tabled ahead of the presentation of the union budget. Jaitley will present the budget for 2018-19 on Thursday, February 1.