Economic
Survey says economic growth to return to normal as new currency notes in
required quantities come back into circulation and follow-up action on
demonetisation is taken.
- The CPI based core inflation remained stable in
the current fiscal year averaging around 5 per cent.
- The Economic Survey says that the rupee
performed better than most of the other emerging market economies.
- The total area coverage under Rabi crops as on
13.01.2017 for 2016-17 is 616.2 lakh hectares which is 5.9 per cent higher
than that in the corresponding week of last year.
- The area coverage under Gram (Channa Dal) as on
13.01.2017 for 2016-17 is 10.6 percent higher than that in the
corresponding week of last year.
The Economic Survey 2016-17 presented
in the Parliament today by the Union Finance Minister Shri Arun Jaitley states
that such a sustenance is despite continuing global sluggishness. It says :
- As
per the advance estimates released by the Central Statistics Office, the
growth rate of GDP at constant market prices for the year 2016-17 is
placed at 7.1 per cent, as against 7.6 per cent in 2015-16.This estimate
is based mainly on information for the first seven to eight months of the
financial year. Government final consumption expenditure is the major
driver of GDP growth in the current year.
- Fixed
investment (gross fixed capital formation) to GDP ratio (at current
prices) is estimated to be 26.6 per cent in 2016-17, vis-à-vis 29.3 per
cent in 2015-16.
- For
2017-18, it is expected that the growth would return to normal as the new
currency notes in required quantities come back into circulation and as
follow-up actions to demonetisation are taken. On balance, there is a
likelihood that Indian economy may recover back to 6 ¾ per cent to 7 ½ per
cent in 2017-18.
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