Economic Survey 2015-16 Highlights

Ahead of the Union Budget (29th Feb 2016), the Finance Minister Arun Jaitley today (26th Feb 2016) tabled the Economic Survey 2015-2016 in Lok Sabha, which outlines the broad administration of the Budget in addition to the economical functioning of the country. It has been revealed that gross domestic product growth charge per unit of measurement inwards Republic of Republic of India is seen inwards attain of vii to 7.75 per cent inwards 2016-17 (it expects Indian economic scheme to grow 7-7.5 per centum inwards the financial twelvemonth to March 2017).

The Economic Survey, the footing for Arun Jaitley’s budget for the financial twelvemonth starting Apr 1, projected Republic of Republic of India to grow 8 per centum inwards the side past times side pair of years. The survey was prepared past times the finance ministry’s primary economical adviser Arvind Subramanian. Following are the highlights of Economic Survey 2015-16.

Key Points to Remember
  • GDP growth charge per unit of measurement for 2015-16 to live on inwards the attain of 7% to 7.75 %
  • Fiscal deficit of 3.9 pc achievable
  • Inflation charge per unit of measurement pegged at  4.5 to v pc
  • Current draw of piece of occupation concern human relationship deficit seen some 1-1.5% of gross domestic product

Highlights of the survey

    • India haven of stability amidst gloomy global landscape.
    • Crude crude oil prices to live on near USD 35 a barrel side past times side fiscal, every bit against USD 45 this year.
    • Low inflation takes hold, cost stability has increased.
    • Pay Commission implementation non to destabilise prices.
    • Challenging external surroundings to cast shadow on economical policies.
    • Subsidy mouth to live on below 2% of gross domestic product side past times side fiscal.
    • Concerned over delay inwards GST Bill.
    • Balance sheets of corporate, banks rest stressed; postulate 4Rs: Recognition, Recapitalisation, Resolution in addition to Reform.
    • Suggests revival of domestic need every bit unusual uppercase outpouring likely.
    • Sees practiced functioning past times industrial, infrastructure, corporate sectors due to recent reform.
    • More investment inwards health, education; focus on agriculture.
    • Government revenue enhancement revenues to live on higher than budgeted.
    • Exports slowdown to continue; alternative upwards inwards side past times side fiscal.
    • India should resist protectionist measures inwards trade.
    • Suggests reform bundle for fertiliser sector.
    • GDP growth side past times side financial to live on betwixt 7-7.75%
    • Current draw of piece of occupation concern human relationship deficit at 1-1.5%, forex reserves at USD 351.5 bn inwards mid-Feb.
    • PSU banks’ uppercase postulate at Rs 1.8 lakh crore past times FY19.
    • 3.9% financial deficit target achievable this year, coming twelvemonth to live on challenging.
    • Proposes widening of revenue enhancement cyberspace from 5.5% of earning individuals to to a greater extent than than 20%
    • Services sector growth inwards 2015-16 seen at 9.2%
    • Projects retail inflation at 4.5-5% for 2016-17.
    • Growth this financial to live on 7.6%, long-term potential at 8-10% if exports grow rapidly.

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