A flagship annual document of the Ministry of Finance, Government of India, Economic Survey 2016–17 reviews the developments in the Indian economy over the previous 12 months, summarizes the performance on major development programmes, and highlights the policy initiatives of the government and the prospects of the economy in the short to medium term. This document is presented to both houses of Parliament during the Budget Session.
Highlights of Economic Survey 2016-17
- FM Arun Jaitley tables Economic Survey in Lok Sabha
- GDP growth rate at constant market prices for the current year i.e.2016-17 is placed at 7.1%: Economic Survey
- Excise-related taxes to fall around 0.1% Of GDP in FY18, lower interest rates In FY18 will boost economy
- Economic recovery from demonetisation needs policy support, govt staff allowances to weigh on fiscal math in FY18: Economic Survey
- Agriculture sector to grow at 4.1 per cent in the current year up from 1.2% in 2015-16
- Fiscal gains from demonetisation, GST to take time to realise
- The current account deficit (CAD) narrowed in the first half (H1) of 2016-17 to 0.3 % of GDP
- Decline in fiscal deficit has continued: Economic Survey
- Meta-challenges stem from being early, low income, and a cleavaged democracy: Subramanian
- India’s trade-GDP ratio is now greater than China’s: Economic Survey
Capital inflows into India are no lower than in the average emerging market
- The seven major reform achievements over the past year: Economic Survey
- We have survived two major shocks in 2016; volatility of US elections and demonetisation: Arvind Subramanian
- Macroeconomic stability absolutely fundamental to anything the government wants to do: Arvind Subramanian
- Economic Survey points out three threats to India’s progress
The survey highlights difficulties in privatising public enterprises, even for firms where economists have made strong arguments that they belong in the private sector. The survey points towards the need to further privatize the civil aviation, banking and fertilizer sectors.
The survey points out that the capacity of the state in delivering essential services such as health and education is weak due to low capacity, with high levels of corruption, clientelism, rules and red tape.
- Demonetisation a very analytically unique and unusual experiment: Arvind Subramanian
