Economic Survey 2018
Economic Survey of India will be annually published before the announcement of Union budget 2018 by the current finance minister (Arun Jaitley) in the presence of both houses of Parliament i.e., Lok Sabha and Rajya Sabha. Economic Survey will provide the review of, economic status of the country comparing the previous year. Economic Survey 2018 presenting the country’s major development programmes has been undertaken by the Government of India. Economic Survey of India will also provide the detailed financial structure of main policy initiatives of the Government of India.
We can expect minimum of one or two question from Economic Survey 2018 for all the upcoming bank Exams. So, IG team provided you all the important possible questions which can be asked from Economic Survey of India.
Highlights of Economic Survey 2018:
- According to the Economic Survey of India, India’s GDP is expecting to grow 7-7.5% in FY-19 .
- Policy agenda for next year is to support agriculture, privatise Air India, finish bank recapitalization.
- Economic Survey 2018 hope for average prize rising of crude oil of about 12% in FY-19.
- Policy vigilance was required for next fiscal, if high oil prices persist or stock prices correct sharply.
- Imports are expected to grow in the current financial year. So, the net exports of goods and services are slated to decline in 2017-18.
- Since, Exports is the biggest source for the growth of Country’s economy.
- GVA (Gross Value Added) growth rate was expected to reach 6.1% in FY19, while it marked 6.6% in FY17.
- CPI (Consumer Price Index) inflation expects to mark 3.7% In FY18
- Real GDP will reach 75% in FY18.
- According to the GST report Indirect Tax payers was increased up to 50%.
- Agricultural sector expected to grow 2.1%, Service sector growth seen at 8.3%, and Industrial sector growth seen at 4.4%.
- Average growth rate of GDP from 2014-15 to 2017-18 was ranged to 7.3%. this is one of the highest among ,major economies of the world
- Sanitation coverage in rural India increased the substantially due to launch Swachh Bharat Mission (Gramin) on October 2, 2014, Now it ranges from 39% to 76% (2014 – 2018).
- So far, 296 districts and 3,07,349 villages from all over India have been declared as Open Defecation Free (ODF).
- Priority to social infrastructure like education, health to promote inclusive growth of the country.
- Foreign exchange reserves have grew by 14.1% from December 2016- 2017. So Forex were estimated to USD 370 billion in FY 16-17
- In 2017-18 Forex was grew to USD 409.4 billion in FY17-18
- For the first time in India’s history,data on the international exports of states has been dwelt in the Economic Survey. Such data indicates a strong correlation between export performance and states standard of living. States that export internationally and trade with other states were found to be richer.
- India has very less contribution in Exports, while comparing with other countries. India has contributed only 38% in exports, While, Brazil has 72%, Germany has 68%, Mexico has 67%, USA has 55%.
- 20,339 crore has been approved by Government in FY 17-18 for farmers, to provide short-term crop loans, post-harvest storages and all other agricultural activities.
- Urban migration leading to feminisation of farm sector
- FDI (Foreign Direct Investment) in Service sector grew 15% in 2017-2018. This was achieved mainly due the steps taken by Government of India.
- And the favor made by government in National Intellectual Property Rights (IPR) policy, implementation of GST, reforms for ease of doing business for FDI’s.
- Tax collected by states, local governments are significantly lower than those, collected in other federal countries
- Retail inflation averaged to 3.3% in 2017-18, which is lowest in last 6 fiscals.
Key Points in Economic Survey 2018
- GDP – 7-7.5%
- Retail inflation – 3.3%
- crude oil rising – 12%
- GVA – 6.1%
- Sanitation Coverage in rural India – 39% to 76% (2014 – 2018).
- Agricultural sector- 2.1%
- Service sector – 8.3%
- Industrial Sector – 4.4%
- FDI in service sector – 15%
- Farm loans and agricultural activities – Rs. 20,339 crore
- Forex – USD 409.4 billion
- Open Defecation Free (ODF) villages – 3,07,349 villages
- Real GDP – 6.75%
- CPI – 3.7%