Economic Survey 2016-17- Highlights

Union finance minister Arun Jaitley on 31st January 2017 tabled the Economic Survey 2016-17 in Parliament budget session.

Here are the highlights of the Economic Survey 2016-17 :

* Gross domestic product (GDP) growth in 2016-17 to dip to 6.5%, down from 7.6% in last fiscal.

* Economic growth to rebound to 6.75 to 7.5% in 2017-18.

* 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 estimated to moderate to 5.2% in 2016-17 from 7.4% last fiscal.

* Efforts to collect taxes on disclosed and undisclosed wealth should not lead to tax harassment

* 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.

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