India is expected to regain the world's fastest-growing major economy tag as it is likely to clock 7-7.5 percent growth rate in 2018-19, up from 6.75 percent in the current fiscal, the Economic Survey said on Monday. The economy, said the survey for 2017-18, will grow on the back of major reforms which would be strengthened further in the next financial year. The survey was tabled in Parliament by Finance Minister Arun Jaitley.
File photo of Union Finance Minister Arun Jaitley.
"A series of major reforms undertaken over the past year will allow real GDP growth to reach 6.75 percent this fiscal and will rise to 7 to 7.5 percent in 2018-19, thereby re-instating India as the world's fastest-growing major economy," it said.
It said that the GDP growth has averaged 7.3 per cent from 2014-15 to 2017-18, which is the highest among the major economies of the world. "That this growth has been achieved in a milieu of lower inflation, improved current account balance and notable reduction in the fiscal deficit to GDP ratio makes it all the more creditable," it said.
The Economic Survey is an annual publication of the Finance Ministry which reviews the nation’s growth over the last 12 months. It is presented to both houses of the Parliament during the Budget Session and serves as a preview of the policy recommendations that could find a place in the Union Budget that follows it.
The survey reviews all the government schemes, plans, and measures undertaken during the financial year (which is about to end) by various departments of the government, goals achieved, not achieved, as well what should be expected and focussed at in the next financial year.
Kovind highlights achievements of govt in joint address to both Houses of Parliament
President Ram Nath Kovind kicked off the Budget Session of the Parliament on Monday, while addressing both Houses of the Parliament in a joint sitting, highlighted several accomplishments of the government while also championing its welfare schemes and fight against corruption. Kovind also said that he was hopeful that the Triple Talaq Bill would be passed in the Budget Session of Parliament.
"My government has brought the Triple Talaq Bill to safeguard the rights of the Muslim women. And I am hopeful that Parliament will pass the Bill," Kovind said in his address to the joint sitting of the both Houses.
He also said that the government has extended its 'Beti Bachao, Beti Padhao' scheme from 161 districts to 640 districts in the country.
"The government has now amended the Maternity Bill by which the women can get 'paid leave' of up to 26 weeks instead of 12 weeks. Now the women can spend more time with their newborn babies," he added.
Kovind also referred to contributions of Babasaheb Bhimrao Ambedkar and said: "Babasaheb Ambedkar used to say that without economic and social democracy, political democracy is unstable."
Click here for full coverage of Union Budget 2018
Published Date: Jan 29, 2018 13:46 PM | Updated Date: Jan 29, 2018 13:51 PM
Highlights
'Extreme weather adversely impacts agriculture yields'
Inflation remained moderate during 2017-18
Maharashtra, UP, Tamil Nadu and Gujarat see maximum GST registrants: Economic Survey 2017-18 | ANI
Preliminary analysis of the GST data reveals a 50% increase in no of indirect taxpayers: Economic Survey 2017-18
Rajya Sabha adjourned till 1 February | ANI
Supporting agriculture; stabilising GST, and recapitalisation should be focus of economic policy
Economic Survey predicts rise in export, private investment
India added 1.8 million new Individual Income tax filers post GST, demonetisation: Arvind Subramanian
GST revenues are doing well, witness 12% growth: Arvind Subramanian
Robust and broad-based signs of revival visible in economic activity, says Arvind Subramanian
Growth reviving after temporary decoupling: Arvind Subramanian
Economic Survey is a round-up of the year’s activity: Madan Sabnavis
The Economic Survey is nothing but a roundup of everything that has happened in the economy, says Madan Sabnavis, Chief Economist, CARE Ratings. However, the report is gathered at high frequency when it comes out on a quarterly basis. The Economic Survey is a comprehensive document that gives you economic data up to date but this is already known to the public.
The second part of the Survey is the ideology of the Chief Economic Advisor, Arvind Subramanian. He will give his own view on how he looks at the economy and what should be done. It is prescriptive in nature and may not be followed by government at all. Subramanian may say fiscal prudence should be 3 percent. However, the Finance Minister Arun Jaitley may not take that into account while announcing the Budget. What Subramanian is saying is a theoretical point of view that is provided.
I don’t expect anything from the Economic Survey. We get all the information from government and other sources. The Economic Survey is keeping it all together The Central Statistics Office (CSO) had said GDP of 6.5 percent is expected for the current year. The Survey will maintain that figure and not make any changes to it. We won’t know anything about the future of the economy from the Survey.
BJP Parliamentary Party Executive meeting at 2.30 pm today; NDA allies to meet at 3.30 pm
In the meanwhile, the BJP Parliamentary Party Executive meeting will take place today at 2.30 pm and another meeting of NDA allies at 3.30 pm, ANI reported
Vice-president M Venkaiah Naidu addresses joint sitting of Lok Sabha and Rajya Sabha
In his short address to a joint sititng of Lok Sabha and Rajya Sabha, Vice-president M Venkaiah Naidu said that the dream of India doesn't belong to one particular party or organisation, and that all parties must work together.
Kovind ends address, says parties must work together to bring simultaneious elections
President Kovind ended his joint address highlighting the importance of all parties to work together and the govt's fight against corruption.
Kovind said, "A sustained debate is required on the subject of simultaneous elections and all political parties need to arrive at a consensus on this issue."
Govt increased minimum wage of labourers by more than 40 percent: Kovind
Kumbh Mela was included in ‘Intangible Cultural Heritage of Humanity' by UNESCO: Kovind
Govt started Start Up India, Stand Up India and Skill India to help the youth: Kovind
Government committed to strengthen, modernise school and higher education system: Kovind
'I hope the Triple Talaq Bill will be passed soon': Kovind | ANI
Work under Pradhanmantri Gram Sadak Yojana accelerated to bring everyone closer to development: Kovind
2.70 Lakh Common Service Centers have been set up across the nation: Kovind
Govt committed to double income of farmers by 2022: Ram Nath Kovind
Addressing a joint sitting of both Houses of the Parliament, President Ram Nath Kovind said that the govt is committed to double the farmers' income by 2022.
During his joint address to both Lok Sabha and Rajya Sabha, Kovind highlighted the achievements of the NDA government. He said that the govt approved a bill granting working woman paid maternity leave of 26 weeks.
He also said that India should pay tribute to Mahatma Gandhi on his 150th birth anniversary by making India completely clean.
President Ram Nath Kovind leaves for Parliament, will address joint sitting of Lok Sabha and Rajya Sabha
Modi asks parties to make full use of parliamentary committees and discuss budget | ANI
Modi arrives at Parliament, says Budget 2018 will fulfill everyone's aspirations
Speaking to the press outside the Parliament, Prime Minister Narendra Modi said that the current budget will fufill everyone's aspirations.
"India is on a growth path. All credit rating agencies have improved ratings for India," Modi said.
The prime minister also said that all parties should come together and support the Union Budget 2018. "The country is above the party," Modi said asking all parties to come together and discuss ways to how to extend the benefits of the budget to the people.
CEA Arvind Subramanian to address media at 1.30 pm today
Chief Economic Advisor Arvind Subramanian will present highlights of the Economic Survey 2018 around 1.30 pm today at a press conference at the National Media Centre in the national capital.
President Ram Nath Kovind to address joint sitting of Rajya Sabha and Lok Sabha today
The Budget Session of the Parliament will kick-off with President Ram Nath Kovind addressing a joint sitting of the Rajya Sabha and Lok Sabha. Kovind's address will be broadcast live on television as well as on Facebook.
Second part of Budget Session will resume on 5 March after recess on 9 Feb
Following a recess after 9 February, Parliament will meet again from 5 March to 6 April. After the recess, she said, there would be 23 sittings and 82 hours when more discussions on the functioning of various ministries were expected.
Economic Survey to be tabled today
The first leg of the session will be between 29 January and 9 February during which the government will present the economic survey on 29 January, followed by the Union Budget on 1 February.
First part of Budget Session to begin today
Lok Sabha Speaker Sumitra Mahajan said the House would have eight sittings in the first part of the budget session starting Monday, during which 19 out of a total of 36 hours would be devoted on the discussion on the vote of thanks to the President's address and the Union Budget for 2018-19.
13:51 (IST)
WATCH: Chief Economic Advisor Arvind Subramanian discuss the Economic Survey in detail
13:49 (IST)
Sensex up 320 pts on Economic Survey growth projections | PTI
According to PTI, the benchmark Sensex maintained its early upward trend and was trading over 320 points higher after the Economic Survey said India is likely to clock 7-7.5 percent growth in 2018-19, up from 6.75 percent in the current fiscal.
The 30-share barometer, after scaling a new peak of 36,410.60 points in late morning trade on optimistic buying, succumbed to profit-booking at record levels and gave up a part of the gains.
It was trading at 36,370.92 at 1300 hours, up 320.48 points, or 0.89 percent, after the Economic Survey was tabled in Parliament, the news agency said.
13:46 (IST)
Indian parents continue to have children until they have a son, reveals Economic Survey
Here is a list of ten key facts revealed in the Economic Survey:
13:16 (IST)
Services growth for FY18 likely to be 8.3%: Economic Survey | CNN-News18
13:11 (IST)
'Extreme weather adversely impacts agriculture yields'
13:09 (IST)
Inflation remained moderate during 2017-18
13:08 (IST)
Maharashtra, UP, Tamil Nadu and Gujarat see maximum GST registrants: Economic Survey 2017-18 | ANI
13:07 (IST)
Preliminary analysis of the GST data reveals a 50% increase in no of indirect taxpayers: Economic Survey 2017-18
13:05 (IST)
Rajya Sabha adjourned till 1 February | ANI
13:04 (IST)
Supporting agriculture; stabilising GST, and recapitalisation should be focus of economic policy
13:01 (IST)
Economic Survey predicts rise in export, private investment
12:55 (IST)
India added 1.8 million new Individual Income tax filers post GST, demonetisation: Arvind Subramanian
12:53 (IST)
GST revenues are doing well, witness 12% growth: Arvind Subramanian
12:50 (IST)
Robust and broad-based signs of revival visible in economic activity, says Arvind Subramanian
12:47 (IST)
Growth reviving after temporary decoupling: Arvind Subramanian
12:44 (IST)
GST one of the major achievements of 2017, says Arvind Subramanian
12:36 (IST)
Arun Jaitley tables Economic survey, says GDP expected to grow at 7.0 to 7.5% in 2018-19 | ANI
12:32 (IST)
FM Arun Jaitley tables Economic Survey 2017-18; Lok Sabha adjourned till 1 Feb
12:31 (IST)
Economic Survey is a round-up of the year’s activity: Madan Sabnavis
The Economic Survey is nothing but a roundup of everything that has happened in the economy, says Madan Sabnavis, Chief Economist, CARE Ratings. However, the report is gathered at high frequency when it comes out on a quarterly basis. The Economic Survey is a comprehensive document that gives you economic data up to date but this is already known to the public.
The second part of the Survey is the ideology of the Chief Economic Advisor, Arvind Subramanian. He will give his own view on how he looks at the economy and what should be done. It is prescriptive in nature and may not be followed by government at all. Subramanian may say fiscal prudence should be 3 percent. However, the Finance Minister Arun Jaitley may not take that into account while announcing the Budget. What Subramanian is saying is a theoretical point of view that is provided.
I don’t expect anything from the Economic Survey. We get all the information from government and other sources. The Economic Survey is keeping it all together The Central Statistics Office (CSO) had said GDP of 6.5 percent is expected for the current year. The Survey will maintain that figure and not make any changes to it. We won’t know anything about the future of the economy from the Survey.
12:29 (IST)
Finance Minister Arun Jaitley to present Economic Survey soon
12:10 (IST)
Finance Minister Arun Jaitley to present Economic Survey soon
11:52 (IST)
BJP Parliamentary Party Executive meeting at 2.30 pm today; NDA allies to meet at 3.30 pm
In the meanwhile, the BJP Parliamentary Party Executive meeting will take place today at 2.30 pm and another meeting of NDA allies at 3.30 pm, ANI reported
11:51 (IST)
Vice-president M Venkaiah Naidu addresses joint sitting of Lok Sabha and Rajya Sabha
In his short address to a joint sititng of Lok Sabha and Rajya Sabha, Vice-president M Venkaiah Naidu said that the dream of India doesn't belong to one particular party or organisation, and that all parties must work together.
11:47 (IST)
Kovind ends address, says parties must work together to bring simultaneious elections
President Kovind ended his joint address highlighting the importance of all parties to work together and the govt's fight against corruption.
Kovind said, "A sustained debate is required on the subject of simultaneous elections and all political parties need to arrive at a consensus on this issue."
11:46 (IST)
Under Udaan, 56 airports and 31 helipads are being connected to commercial flights: Kovind
11:44 (IST)
Being part of Australia Group, Wassenar Arrangement a major accomplishment: Kovind
"Last year, India joined Missile Technology Control Regime, and this year we are part of the Wassenar Arrangement. We are also part of Australia Group. This success has come after a lot of effort, and is one of the main accomplishments of my government," says Kovind
11:40 (IST)
Transport is a key focus of this government: Kovind
11:40 (IST)
India has always remained the First Responder in times of crises: Kovind
11:39 (IST)
Power generation has exceeded target: Kovind
11:34 (IST)
Aadhaar has helped eliminate the middlemen, secure the rights of the poor: Kovind
11:33 (IST)
Govt increased minimum wage of labourers by more than 40 percent: Kovind
11:31 (IST)
Kumbh Mela was included in ‘Intangible Cultural Heritage of Humanity' by UNESCO: Kovind
11:30 (IST)
Govt started Start Up India, Stand Up India and Skill India to help the youth: Kovind
11:28 (IST)
Government committed to strengthen, modernise school and higher education system: Kovind
11:25 (IST)
'I hope the Triple Talaq Bill will be passed soon': Kovind | ANI
11:24 (IST)
Work under Pradhanmantri Gram Sadak Yojana accelerated to bring everyone closer to development: Kovind
11:19 (IST)
2.70 Lakh Common Service Centers have been set up across the nation: Kovind
11:17 (IST)
Govt committed to double income of farmers by 2022: Ram Nath Kovind
Addressing a joint sitting of both Houses of the Parliament, President Ram Nath Kovind said that the govt is committed to double the farmers' income by 2022.
During his joint address to both Lok Sabha and Rajya Sabha, Kovind highlighted the achievements of the NDA government. He said that the govt approved a bill granting working woman paid maternity leave of 26 weeks.
He also said that India should pay tribute to Mahatma Gandhi on his 150th birth anniversary by making India completely clean.
11:07 (IST)
President Ram Nath Kovind addresses joint sitting of Lok Sabha and Rajya Sabha
11:01 (IST)
President Ram Nath Kovind arrives at Parliament | ANI
10:55 (IST)
Budget 2018 explained: What is Economic Survey of India?
The Economic Survey is an annual publication of the Finance Ministry which reviews the nation’s growth over the last 12 months. It is presented to both houses of Parliament during the Budget Session and serves as a preview of the policy recommendations that could find a place in the Union Budget that follows it. The survey reviews all the government schemes, plans and measures undertaken by various departments of the governments, goals achieved, not achieved, as well what should be expected in the upcoming fiscal year.
10:51 (IST)
President Ram Nath Kovind leaves for Parliament, will address joint sitting of Lok Sabha and Rajya Sabha
10:50 (IST)
Modi asks parties to make full use of parliamentary committees and discuss budget | ANI
10:41 (IST)
Modi arrives at Parliament, says Budget 2018 will fulfill everyone's aspirations
Speaking to the press outside the Parliament, Prime Minister Narendra Modi said that the current budget will fufill everyone's aspirations.
"India is on a growth path. All credit rating agencies have improved ratings for India," Modi said.
The prime minister also said that all parties should come together and support the Union Budget 2018. "The country is above the party," Modi said asking all parties to come together and discuss ways to how to extend the benefits of the budget to the people.
10:31 (IST)
Economic Survey effect: Sensex opens at record High, climbs over 307 Points; Nifty At 11,146
09:36 (IST)
CEA Arvind Subramanian to address media at 1.30 pm today
Chief Economic Advisor Arvind Subramanian will present highlights of the Economic Survey 2018 around 1.30 pm today at a press conference at the National Media Centre in the national capital.
09:01 (IST)
President Ram Nath Kovind to address joint sitting of Rajya Sabha and Lok Sabha today
The Budget Session of the Parliament will kick-off with President Ram Nath Kovind addressing a joint sitting of the Rajya Sabha and Lok Sabha. Kovind's address will be broadcast live on television as well as on Facebook.
08:10 (IST)
Second part of Budget Session will resume on 5 March after recess on 9 Feb
Following a recess after 9 February, Parliament will meet again from 5 March to 6 April. After the recess, she said, there would be 23 sittings and 82 hours when more discussions on the functioning of various ministries were expected.
08:09 (IST)
Economic Survey to be tabled today
The first leg of the session will be between 29 January and 9 February during which the government will present the economic survey on 29 January, followed by the Union Budget on 1 February.
08:09 (IST)
First part of Budget Session to begin today
Lok Sabha Speaker Sumitra Mahajan said the House would have eight sittings in the first part of the budget session starting Monday, during which 19 out of a total of 36 hours would be devoted on the discussion on the vote of thanks to the President's address and the Union Budget for 2018-19.