Salient Points of Economic Survey 2016-17

Salient Points of Economic Survey 2016-17

Union Finance Minister Arun Jately tabled the Economic Survey for year 2016-17 in the parliament Budget Session. The key Points in the economic Survey are as follows

• The growth in FY 2017-18 is expected to rebound to 6.75-7.5 percent.
• GDP for FY 2016-17 is expected to dip to 6.5%, citing the consequences of Demonetization.
• Lower Oil Prices and Prime Minister Garib Kalyan Yojana (The 3rd income declaration Scheme) could bring fiscal Windfall
• Farm sector to grow at 4.1% in the current fiscal, up from 1.2% in 2015-16.
• Fiscal gains from Goods and Services Tax (GST) will take time to realise.
• Indian Demographic Dividend to peak by 2020
• The Economic Survey 2016-17 has advocated the concept of Universal Basic Income (UBI) as an alternative to the various social welfare schemes in an effort to reduce poverty