Economic Survey 2017 tabled in Parliament

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Union finance minister Arun Jaitley tabled the Economic Survey 2016-17 in Parliament during the first day of the budget session. Here are the most important highlights from the Survey. The Economic Survey 2017 has been prepared by a chief economic adviser in the finance ministry Arvind Subramanian who said the adverse impact of demonetisation on gross domestic product growth will be transitional.

Delhi : Union finance minister Arun Jaitley on 31 January 2017 tabled the Economic Survey 2016-17 in Parliament budget session. The survey projects the economy to grow in the range of 6.75% to 7.25% in the next fiscal year 2017-18 in the post-demonetisation year.

The survey prepared by a chief economic adviser in the finance ministry Arvind Subramanian said the adverse impact of demonetisation on gross domestic product growth will be transitional. The Economic Survey 2016-17 advocates the concept of Universal Basic income (UBI) as an alternative to the various social welfare schemes in an effort to reduce poverty.

Here are the key highlights from 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.

■ Economic Survey sees the fiscal windfall from Pradhan Mantri Garib Kalyan Yojana, low oil costs.

Economic Survey bats for Universal Basic income

■ Farm sector to grow at 4.1% in the current fiscal, up from 1.2% in 2015-16.

■ Fiscal gains from goods and Services Tax (GST) will take a time to realize.

■ The growth rate of industrial sector estimated to moderate to 5.2% in 2016-17 from 7.4% last fiscal.

■ The survey prepared by Chief Economic adviser in the finance ministry Arvind Subramanian said the adverse impact of demonetisation on gross domestic product growth will be transitional.

■ The Economic Survey 2016-17 has advocated the conception of Universal Basic income (UBI) as an alternative to the various social welfare schemes in an effort to reduce poverty. In his budget speech earlier this month, J&K finance minister Haseeb Drabu said he would need to make a social security fund and supply a UBI to all those living below the poverty line through a right away profit transfer system.

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