Economic Survey 2018 Results – 4 Reasons To Celebrate; 3 Reasons To Be Cautious!
The report was released in a pink-colored book, reflecting the gender focus
Economic Survey results for 2017-18 is finally out, and there are several exciting highlights to celebrate.
The results, which were released in a pink colored 500-page book, reflecting its gender focus, primarily says that Indian economy is in great shape right now, and we are cruising towards healthy growth.
However, at the same time, the report also cautions against some very crucial aspects, which can derail our economy, and spoil the party.
Economic Survey: 4 Reasons To Celebrate
A: Economic Growth Is Now Upwards
After a 4-year low experienced last year, the survey tells us that Indian economy is now growing at a rate of 6.75%, which is all set to touch 7-7.5% by the time 2018 ends.
This means that overall, the business sentiments are positive, and the demons of demonetization are finally over. Indian economy touched the rise of 8% in 2015-16, which dipped to 7.1% in 2016-17 and touched a new low of 6.8% last year.
B: More Indians Are Now Paying Tax
Highlighting the positive aspects of demonetisation, the survey says that 1.8 million new tax payers were added in the country, after November, 2016 when demonetisation took place.
Besides curbing the menace of black money, the survey notes that demonetisation and subsequent increase in tax payers will result in several positive changes – from current 2% share of GDP, the tax revenues will now increase to 2.3% this year, which is a ‘historic high’.
C: More Formal Jobs Than Before
As per the Economic Survey Results, GST regime has triggered several benefits, the primarily being creation of new formal jobs. The survey tells us that post-GST regime, 5.2 crore new jobs were discovered, as businesses existing in non-formal sector joined the formal sector. This has created a chain reaction, wherein more employment opportunities would be generated, all over the nation.
As per the results of the survey, reality and construction industry will alone generate 15 million jobs in the next 5 years,
D: Financial Inclusion Expanded At Unprecedented Rate
The survey found that the dream of more financial inclusion of the poorest of the poor is now a reality, as 2017 saw record number of new bank account holders, thanks to Jan Dhan. Between 2014 and 2017, India has 3-fold increase in Jan Dhan account holders, which means that now India has more bank users than ever.
Economic Outlook : 3 Reasons To Be Cautious
Climate Change has been attributed as one of the primary reasons to be cautious, and alert, as per the findings of the economic survey.
The survey states that farm incomes can drop by 25%in the coming years, if global climate change is not checked.
High prices of crude oil, globally has been attributed as another major reason which can disrupt the economic growth.
And, stock market correction has also been attributed as a major possibility for economic meltdown in the coming days.
You can find the entire report of Economic Survey 2017-18 here.