Indian Economic Survey 2016-17

Sakshi Education

The Economic Survey for 2016-17 was tabled in the Parliament by Finance Minister Arun Jaitley. Here are the highlights of the Economic Survey 2016-17:

GDP growth for next fiscal pegged at 6.75-7.5 per cent
Growth this fiscal to be 6.5 per cent
Prescribes cut in individual I-T rates, real estate stamp duties
Income Tax net could be widened gradually by encompassing all high income earners
Time table for cutting corporate tax should be accelerated
Tax administration could be improved to reduce discretion and improve accountability
Growth to return to normal as new currency comes in circulation
Demonetisation to affect growth rate by 0.25-0.5 per cent, but to have long-term benefits
GST, other structural reforms should take the trend growth rate to 8-10 per cent
Fiscal windfall likely from Pradhan Mantri Garib Kalyan Yojana, low oil price
Farm sector to grow at 4.1 per cent this fiscal, up from 1.2 per cent last year
Fiscal gains from GST will take time to realise
Demonetisation may affect supplies of certain agricultural products like sugar, milk, potatoes and onions
Growth rate of industrial sector to moderate to 5.2 per cent this fiscal, from 7.4 per cent last fiscal
Efforts to collect taxes on disclosed and undisclosed wealth should not lead to tax harassment
Universal Basic Income Scheme is an alternative to plethora of state subsidies for poverty alleviation