INDIAN ECONOMIC SURVEY 2016 - 2017

INDIAN ECONOMIC SURVEY 2016 - 2017
The Economic Survey for 2016-17 was tabled in the Parliament by Finance Minister Arun Jaitley. Here are the highlights of the Economic Survey 2016-17:

• GDP growth for next fiscal pegged at 6.75-7.5 per cent
• Growth this fiscal to be 6.5 per cent
• 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 to moderate to 5.2 per cent this fiscal, from 7.4 per cent last fiscal
• Efforts to collect taxes on disclosed and undisclosed wealth should not lead to tax harassment
• Universal Basic Income Scheme is an alternative to plethora of state subsidies for poverty alleviation