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Highlights of Economic Survey 2015-16





The Economic Survey for 2015-16 was tabled in Parliament by Union Finance Minister Arun Jaitley on Friday. 

The Economic Survey is the Finance Ministry's view on the annual economic development of the country that gives a broad idea on the macro-economic data, which will impact the budget decisions. 
Highlights of Economic Survey 2015-16:
·        GDP growth rate for 2015-16 to be in the range of 7 % to 7.75 % 
·        Amidst gloomy international economic landscape, India stands as a haven of stability
·        Low inflation has taken hold and confidence in price stability has improved
·        Services continues to be key driver; expected to be 9.2% in 2015-16
·        Foreign exchange reserves have risen to US $349.6 (Jan-2016)
·        Govt will meet its fiscal deficit target of 3.9 per cent of GDP
·        Agriculture sector needs a transformation to ensure sustainable livelihoods for farmers and food security
·        Informal sector has  created  jobs and keeping unemployment low
·        Schemes such as Pradhan Mantri Suraksha Bima Yojana (PMSBY), Pradhan Mantri Jivan Jyoti Bima Yojana (PMJJBY), and the Atal Pension Yojana(APY), were launched in 2015 in the insurance and pension sectors for creating a universal social security system for all Indians, especially for the poor and the underprivileged
·        India can become the leading investment destination owing to its robust macroeconomic fundamentals
·        Reserve Bank of India will meet 5 per cent inflation target by the end of March 2017
·        Reform package for the fertilizer Sector
  • Rates of 8% or higher possible in next 2 years, given macroeconomic stability
  • Indian Equity market relatively resilient compared to other major emerging market economies
  • Impressive strides made in the power sector in the last two years
  • Economic Survey projects 7.6 per cent economic growth rate in 2015-16
  • Economic Survey highlights the importance and potential of spreading JAM Trinity across the Indian economy
  • India ranks first in milk production, accounting for 18.5% of world production
  • Medium-term growth trajectory at 7-7.75% with downside risk. Downside risk to medium term growth due to global economic condition
  • Economic Survey projects 7.6 per cent economic growth rate in 2015-16
  • Amidst gloomy international economic landscape, India remains a haven of stability
  • Upcoming budget and economic policy will have to contend with an unusually challenging and weak external environment
  • Increase in wages recommended by the 7th Pay Commission not likely to destabilise prices, will have little impact on inflation
  • Growth in the services sector moderated slightly, but still remains robust
  • India’s long run potential GDP Growth is substantial, about 8 to 10%
  • FY17 expected to be challenging from fiscal point of view
  • Foreign exchange reserves have risen to US $ 349.6 (Jan-2016)
  • -Fiscal deficit target of 3.9 per cent seen achievable
  • –India’s long run potential GDP Growth is substantial, about 8 to 10%
  • –Low inflation has taken hold and confidence in price stability has improved
  • –Services continues to be key driver; expected to be 9.2% in 2015-16
  • Govt tables Economic Survey 2015-16, FY17 GDP seen at 7-7.75%.
  • Growth in the services sector moderated slightly, but still remains robust.
  • Increase in wages recommended by the 7th Pay Commission not likely to destabilise prices, will have little impact on inflation
·        Upcoming Budget and economic policy will have to contend with an unusually challenging and weak external environment;
·        Economic Survey projects 7.6 per cent economic growth rate in 2015-16;
·        Govt will meet its fiscal deficit target of 3.9 per cent of GDP;
·        Foreign direct investment has been liberalised across the board and vigorous efforts have been undertaken to ease the cost of doing business;
·        Stability and predictability has been restored in tax decisions reflected in the settlement of the Minimum Alternate Tax imposed on foreign companies;
·        Bank accounts for over 200 million people under Pradhan Mantri Jan Dhan Yojan have been created;
·        The Survey has expressed concern over approval of Goods and Services Tax Bill being elusive so far, the disinvestment programme falling short of targets and the next stage of subsidy rationalization being a work-in-progress;
·        It adds that corporate and bank balance sheets remain stressed affecting the prospects for reviving private investments;
·        It further says that perhaps the underlying anxiety is that the economy is not realising its full potential.
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https://in.finance.yahoo.com/news/highlights-of-the-economic-survey-2015-16-070716589.html
Highlights of Economic Survey 2015-16 Reviewed by sambasivan srinivasan on 7:46:00 PM Rating: 5

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