Economic Survey 2018openadda
- The Economic Survey is an annual publication of the Finance Ministry.
- It is presented in both houses of Parliament during the Budget Session.
- It is a review of the developments in the country’s economy over the previous one year.
- It presents a summary of the performance of the government’s major development programmes undertaken during that period.
- It also details the main policy initiatives of the government.
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Economic Survey 2018
- FM Jaitley tables Economic Survey in Parliament.
- Economic Survey sees FY 2018-19 GDP growing 7-7.5% vs 6.75% in FY2017-18.
- Economic Survey sees average crude oil prices rising 12% in FY2018-19.
- Due to higher expected increase in imports, net exports of goods and services are slated to decline in 2017-18.
Exports biggest source of growth to boost.
- GVA (Gross Value Added) growth seen at 6.1% vs 6.6% in FY 17.
- GST data shows growth of 50% in number of indirect tax payers.
- Real GDP to clock 6.75% this FY.
- Average FY2017-18 CPI inflation seen at 3.7%.
- Services Growth seen at 8.3%, Industries at 4.4%.
- Demonetisation helped share of financial saving to rise. The ratio of domestic saving to GDP reached 29.2 percent in 2013 to a peak of 38.3 percent in 2007, before falling back to 29 percent in 2016.
- Sanitation coverage in rural India increased substantially from 39 percent in 2014 to 76 percent in January 2018. With the launch of Swachh Bharat Mission (Gramin) on October 2, 2014, the sanitation coverage in rural India increased substantially. So far, 296 districts and 307,349 villages all over India have been declared Open Defecation Free (ODF).
- India is gradually improving its performance in Science and Technology. In 2013, India ranked 6th in the world in scientific publications. Its ranking has been increasing consistently. The growth of annual publications between 2009 to 2014 was almost 14%. This increased India’s share in global publications from 3.1% in 2009 to 4.4% in 2014 as per the Scopus Database.
- The foreign exchange reserves grew by 14.1% on a year-on-year basis from end of Dec 2016 to end of Dec 2017. The forex reserves as per 2016-17 were estimated at USD 370 billion. It grew to USD 409.4 billion in 2017-18.
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.