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Economic Survey 2018 is a flagship annual document of the Finance Ministry that reviews the overall state of the economy

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budget session live cea predicts achhe din

Budget session LIVE: CEA predicts achhe din

in 2019, lists govt's successes

Economic Survey 2018 is a flagship annual document of the Finance

Ministry that reviews the overall state of the economy

Live Budget 2018 : The Economic Survey 2017-18, tabled in Parliament on Monday,

forecasts gross domestic product growth for 2018-19 at 7-7.5 per cent, compared with a

forecast of 6.75 per cent in the current fiscal year.

“A series of major reforms undertaken over the past year will allow real GDP growth to

reach 6.75 percent this fiscal and will rise to 7.0 to 7.5 per cent in 2018-19, thereby re-

instating India as the world‘s fastest growing major economy,” an official statement

said, after the tabling of the survey, adding that “the reform measures undertaken in

2017-18 can be strengthened further in 2018-19.

The survey said that due to the launch of ‘transformational’ Goods and Services Tax

(GST), resolution of the long-festering Twin Balance Sheet (TBS) problem by sending

the major stressed companies for resolution under

the major stressed companies for resolution under the new Indian Bankruptcy Code,

implementing a major recapitalization package to strengthen the public sector banks,

further liberalisation of FDI and the export uplift from the global recovery, the economy

began to accelerate in the second half of the year.

In a highlighted box titled “Ten New Facts on the Indian Economy”, the survey stated

that there was a large increase in registered direct and indirect tax payers due to

demonetization and GST respectively, and that formal non-agricultural payroll was

much greater than earlier anticipated.

What is Economic Survey?

It is a flagship annual document of the Finance Ministry. It reviews the overall state of

the economy in the last 12 months. In August last year, however, the government for the

first time presented a mid-term economic survey.

Arvind Subramanian

States and urban and rural local governments collect low levels of direct taxes even

relative to the powers they already have. Does this imply a low-equilibrium

accountability-delivery trap?

India’s states and third-tier institutions (urban and rural local governments)

collect a lower share of revenue by way of direct taxes than their counterparts

in other federal countries.

If you look over the last 50-60 years of India, we have moved from "crony

socialism" to "stigmatized capitalism": CEA

Arvind Subramanian

India is in the midst of simultaneous slump in investment and saving rates post GFC.

Investment went up 9.1 percentage points in 4 years during mid 2000s and has declined

by about 6.3 percentage points in 8 years since GFC.