Finance Minister Arun Jaitley today tabled the
Economic Survey for 2015-16 in Parliament. The Survey has pegged FY 2017
growth at between 7-7.5 per cent.
It said the upcoming Budget and economic policy
will have to contend with an unusually challenging and weak external
environment.
The Survey has projected 7.6 per cent economic growth rate in 2015-16.
India’s long run potential GDP growth is substantial, about 8 to 10%, says the Economic Survey.
Current account deficit as a proportion of GDP likely to be in the low range of 1 to 1.5 per cent.
The Government will meet its fiscal deficit target of 3.9 per cent of GDP.
It states that amidst gloomy international economic landscape, India stands as a haven of stability.
Increase in wages recommended by the 7th Pay Commission not likely to destabilise prices, will have little impact on inflation.
Low inflation has taken hold and confidence in price stability has improved.
Services continues to be the key driver and is
expected to be 9.2 per cent in 2015-16. Growth in the services sector
moderated slightly, but still remains robust.
Foreign exchange reserves have risen to $349.6 (Jan-2016).
The Survey has estimated growth in industry to have accelerated during the current year.
At 12.15 pm, the Sensex was trading at
23,043.32, up 67.32 points or 0.29 per cent. Similarly, the Nifty was
quoting at 6,992, up 21.40 points or 0.31 per cent.
With reforms in key areas, there is reduction in macro vulnerability today, says the Economic Survey.
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