India expects to regain pole position as fastest-growing major economy

The Economic Survey 2017-18 was tabled in the Lok Sabha by Finance Minister Arun Jaitley on Monday

Finance Minister Arun Jaitley tabled the Economic Survey in the Parliament.

When it comes to inter-state trade, the five largest exporting states are Maharashtra, Gujarat, Haryana, Tamil Nadu and Karnataka.

"This year the real GDP growth is likely to be 6.75 per cent, higher than the CSO's estimate of real GDP growth (of 6.5 per cent for 2017-18)", Arvind Subramanian, chief economic adviser said, while presenting the annual survey to media persons. "Things have changed from there", Subramanian said, indicating that the Economic Survey this year, went by projections on oil prices by International Monetary Fund and other multi-lateral agencies. It highlighted that against the emerging macroeconomic concerns, policy vigilance will be necessary, especially if high global oil prices persist or elevated stock prices correct sharply provoking a "sudden stall" in capital flows. It pointed out that India can be rated as among the best performing economies in the world as its average growth of 7.3% during the last three years stood was around 4 percentage points higher than that for global growth and almost three percentage points higher than that of emerging markets and developing economies.

India can not rule out a pause in its fiscal consolidation plan in the year through March, a key government adviser said, setting the government's tone ahead of Thursday's budget.

Chidambaram said that while the Economic Survey claimed that the the growth rate for 2017-'18 would be 6.75%, "it offers little evidence in support of this claim".

The Survey said that although the government has already enacted "Clinical Establishments (Registration and Regulation) Act, 2010 and notified the Clinical Establishments (Central Government) Rules, 2012 to regulate the clinical establishments across the country, presently, the act is applicable in 10 States/UTs, which needs to be taken up by remaining States while ensuring strict compliance as well".

Agriculture, education, and employment are the three areas of focus in the medium term.

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He said, the survey as also the President's address, have raised the issue of agriculture, which is the right approach. "From about 2 per cent of GDP between 2013-14 and 2015-16, they are likely to rise to 2.3 per cent of GDP in 2017-18, a historic high", it said.

Mumbai: The Economic Survey attributed the boom in stock markets to note ban as it played a major role in influencing investors's expectations on return from other asset classes.

Preliminary analysis of the Goods and Services Tax data reveals 50% increase in the number of indirect taxpayers.

Deriving many data points from the implementation of GST, as a precedent, the survey details statewise global exports and draws a strong correlation between exports and the states' standard of living.

Indian shares touched record highs on the projected acceleration in growth in 2018/19, but bonds fell in response to the survey's suggestion that some fiscal slippage could be warranted.

Budget proposals are a closely guarded secret, but a finance ministry official with direct knowledge of the discussions said: "The government's top priority is to create jobs and boost growth". The survey expects export growth of 12.1 per cent for FY18. Many have voluntarily chosen to be part of the GST, especially the small enterprises which buy from large enterprises and want to avail themselves of input tax credits.

The survey indicated that India could be at the receiving end of a globalisation backlash across the world and also be afficted from a human capital regression.

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