Economic Survey 2016-17 of India
Finance Minister of India Shri Arun Jaitley has presented Economic Survey 2016-17 in the Parliament today, with indication that economic growth will return to normal as new currency notes in required quantities have come back into circulation and follow-up action on demonetisation is taken.
The Indian Economy has sustained a macro-economic environment of relatively lower inflation, fiscal discipline and moderate current account deficit coupled with broadly stable rupee-dollar exchange rate. The Economic Survey 2016-17 presented in the Parliament today by the Union Finance Minister Shri Arun Jaitley states that such a sustenance is despite continuing global sluggishness. It says :
i) As per the advance estimates released by the Central Statistics Office, the growth rate of GDP at constant market prices for the year 2016-17 is placed at 7.1 per cent, as against 7.6 per cent in 2015-16.This estimate is based mainly on information for the first seven to eight months of the financial year. Government final consumption expenditure is the major driver of GDP growth in the current year.
ii) Fixed investment (gross fixed capital formation) to GDP ratio (at current prices) is estimated to be 26.6 per cent in 2016-17, vis-à-vis 29.3 per cent in 2015-16.
iii) For 2017-18, it is expected that the growth would return to normal as the new currency notes in required quantities come back into circulation and as follow-up actions to demonetisation are taken. On balance, there is a likelihood that Indian economy may recover back to 6 ¾ per cent to 7 ½ per cent in 2017-18.
Economic Survey 2016-17 (Chapter Wise)
Economic Survey 2016-17: Video of Press conference by Chief Economic Adviser Dr. Arvind Subramanian (dt. 31 Jan. 2017)