Economic survey conceals dark realities : Ramadass

Why RBI Has Limited Scope To Cut Rates

"During the period April-September 2017-18, growth in services exports and services imports were robust at 16.2% and 17.4%, respectively, said the Survey tabled in the Parliament on Monday by Finance Minister Arun Jaitley".

"Therefore, adjusting the base for double and triple counting, the GST has increased the number of unique indirect taxpayers by more than 50 percent -a substantial 3.4 million", it said. Since agriculture is a state subject, the survey also strongly advocated a mechanism similar to the GST Council to bring more reforms in the agricul-ture sector and boost farmers' income.

The Economic Survey on Monday said climate change could reduce annual farm income by up to 20-25% in "unirrigated" areas in the country and called for urgent expansion of irrigation networks as a crucial adaptation measure to ward off the challenges of extreme weather events.

The survey underlined that the economy began to accelerate in the second half of the year and can clock 6.75 percent growth this fiscal due to the launch of transformational Goods and Services Tax reform July 1, 2017, and the new Indian Bankruptcy Code, which resolves the long-festering Twin Balance Sheet issue by now sending major stressed companies for resolution under the new code.

However, the economy is projected to grow at 7-7.5 per cent in 2018-19, making it the fastest growing economy in the world again.

The World Report has made a candid but shocking revelation that 73 per cent of India's wealth is concentrated in the hands of 1 per cent of millionaires and billionaires of the country and that out of every 3 poverty stricken persons of the world one is an Indian.

The agricultural growth could be 2.1 per cent for financial year 2018.

The slowdown was blamed on the sudden cancellation of 86 percent of India's currency at the end of 2016 and the chaotic implementation of a single goods and services tax previous year.

The survey cautioned that certain factors could dampen GDP growth in the coming year, such as the possibility of an increase in crude oil prices in the worldwide market.

The document has also thrown up some interesting findings on India's export sector.

Similarly, for the first time, the Survey did a firm-level analysis on exports and found that export concentration by firms was much lower in India than in the U.S., Germany, Brazil, or Mexico - meaning that India had no "exports superstars" and that its export structure was "egalitarian" in nature.

It said India's foreign exchange reserves reached $409.4 billion at end-December 2017.

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