The Economic Survey 2018 has been tabled in the Parliament by the Union Finance Arun Jaitley on Monday.
The Economic Survey 2018 has been tabled in the Parliament by the Union Finance Arun Jaitley on Monday. The survey projected the economic growth for finacial year 2018-19 at 7-7.5 per cent.
The Economic Surevey prepared by the Chief Economic Advisor (CEA) Arvind Subramanian, has predicted services growth for FY18 at 8.3 per cent, industry growth at 4.4 per cent, and agri growth at 2.1 per cent.
The Economic Survey also highlighted that agriculture, education, and employment would be key focus areas in the medium term.
The Economic Survey stated that consumption demand is likely to be aided by low real estate. It also raised concern regarding the constant surge in the oil prices.
CEA Arvind Subramanian took to Twitter to highlight the major achievements of 2017, which included the successful roll out of the Good sand Services Tax (GST) bill.
"The transformational Goods and Services Tax (GST) was launched in July 2017. With a policy change of such scale, scope, and complexity, the transition unsurprisingly encountered challenges of policy, law, and information technology systems, which especially affected the informal sector. Expeditious responses followed to rationalize and reduce rates, and simplify compliance burdens," said the Economic Survey.
The Economic Survey stated that the Policy Agenda for the coming year would be a huge support to the agriculture sector, to stabilize GST, to finish resolution and recapitalization, to privatize Air-India and to head off macro-economic pressures.
The Economic Survey said, "To re-ignite growth, raising investment is more important than raising saving, Direct tax collection by Indian states and local governments are significantly lower than those of their counterparts in other federal countries".
The Narendra Modi government will table its fifth and final Budget in the Parliament on February 1. Meanwhile, the Budget session will be commenced by the joint address from President Ram Nath Kovind to the joint sitting of the two Houses- Lok Sabha and Rajya Sabha.
The first phase of the Budget Session will be on till February 9.
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 "Economic Survey 2018 raises concerns for high oil prices, counts GST roll out as major achievement")
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