Economic Survey 2016-17- Highlights
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.
Indian Union Budget 2017-18.... Read here
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