Economic Survey sees GDP growth at 7-7.5% in 2018-19

The Economic Survey expects GDP or gross domestic product growth to accelerate between 7 per cent and 7.5 per cent in the coming fiscal year, starting April 1, 2018.

Finance Minister Arun Jaitley tabled Economic Survey 2017-18 in Parliament on Monday.

The Economic Survey sees GDP growth at 6.75 per cent in the current fiscal year, ending March 31, 2018.

The Economic Survey is a report card of the country’s financial health.

A series of major reforms undertaken over the past year will allow real GDP growth to rise to between 7.0 per cent and 7.5 per cent in 2018-19, thereby reinstating India as the world’s fastest growing major economy, the Economic Survey said.

The survey says that the launch of GST, resolution of the long-festering bad loans under the Bankruptcy Code, implementation of bank recapitalisation package for public sector banks and further liberalisation of foreign direct investment regime will lift the GDP growth, which began to accelerate from the second half of current fiscal year.

Chief Economic Advisor Arvind Subramanian, who prepared the Economic Survey, said in a tweet that growth is reviving after temporary decoupling.

There are robust and broad-based signs of revival in economic activity, he added.

(Agencies)

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