ECONOMIC SURVEY 2016: HIGHLIGHTS

ECONOMIC SURVEY 2016: HIGHLIGHTS

  • FY2017.. GDP seen at 7-7.75%
  • RBI may contain inflation to 5% by 2017
  • Increase in wages recommended by the 7th Pay Commission not likely to destabilise prices, will have little impact on inflation
  • Current account deficit 1.5%
  • 7.6 per cent economic growth rate in 2015-16
  • Foreign exchange reserves have risen to US $ 349.6 (Jan-2016)
  • India’s long run potential GDP Growth is substantial, about 8 to 10%
  • Fiscal deficit target of 3.9 per cent seen achievable
  • Low inflation has taken hold and confidence in price stability has improved
  • Services continues to be key driver; expected to be 9.2% in 2015-16
  • Informal sector has created jobs and keeping unemployment low
    • Schemes such as Pradhan Mantri Suraksha Bima Yojana (PMSBY), Pradhan Mantri Jivan Jyoti Bima Yojana (PMJJBY), and the Atal Pension Yojana(APY), � were launched in 2015 in the insurance and pension sectors for creating a universal social security system for all Indians, especially for the poor and the underprivileged
    • India can become the leading investment destination owing to its robust macroeconomic fundamentals
    • Reform package for the fertilizer Sector
    • Rates of 8% or higher possible in next 2 years, given macroeconomic stability
    • Indian Equity market relatively resilient compared to other major emerging market economies
    • Impressive strides made in the power sector in the last two years
    • India ranks first in milk production, accounting for 18.5% of world production
    • Downside risk to medium term growth due to global economic condition
    • Amidst gloomy international economic landscape, India remains a haven of stability
    • Upcoming budget and economic policy will have to contend with an unusually challenging and weak external environment

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