Here are key highlights of Economic Survey 2016-17
India's Economic Survey 2016-17 has projected the country's economy to recover back to normal to six-and three-fourth percent to seven-and-half percent for 2017-18.
Finance Minister Arun Jaitley presented India's Economic Survey 2016-17 in the Parliament on Tuesday.
The survey showed the country's economic growth to return to normal on the back of the government's infusion of new currency notes into the economic system and follow-up action on demonetisation.
"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," cited the Ministry of Finance in an official statement.
Here are key highlights of Economic Survey 2016-17:
1. The survey has estimated Indian economy growth rate at 7.1% for the year 2016-17.
2. It has forecast Indian economy to recover back to normal to six-and three-fourth percent to seven-and-half percent for 2017-18.
3. The fixed investment (gross fixed capital formation) to gross domestic product (GDP) ratio (at current prices) is estimated to be 26.6% in 2016-17 as against 29.3% in 2015-16.
4. The Consumer Price Index (CPI) based core inflation remained stable in the current fiscal year 2016-17 (FY17) averaging around 5%.
5. There has been an improvement in the financial position of the states over the last few years. The average revenue deficit has been eliminated, while the average fiscal deficit was curbed to less than 3% of Gross State Domestic Product (GSDP).