Is the monetary policy debate over — Economic Survey

Why RBI Has Limited Scope To Cut Rates

Economic Survey for 2017-18 estimates a real GDP growth rate of 6.75 per cent for the full year, based on a 7.5 per cent real growth for the second half of the year.

After Union finance minister Arun Jaitley presented the Economic Survey 2018- India's pre-budget economic report- to Parliament, he is all set to present the Union Budget 2018-2019 on Thursday (February 1).

"During this period, the domestic air cargo handled was 0.61 million MT showing a growth of 10.27 per cent over the corresponding previous year time period, and worldwide air cargo handled was 1.07 million MT showing a growth of 19.02 per cent", the survey said. Of the major points that have been touched upon that has been presented by the Chief Economic Adviser Arvind Subramanian is most significant because it touched upon the severe gender bias that exists within the country. This has been the experience of stock markets around the world over the last 200 years, he added.

The chief economic adviser said the price-earnings ratio in the Indian and USA stock markets had converged despite the countries' economies following different paths.

The survey numbers boosted the Indian equity indices - Sensex and Nifty - which touched record highs January 29. The Survey said that GDP growth for 2017-18 as a whole is expected to be close to 6.75 per cent.

Almost 90 per cent of the workforce employed in the real estate and construction sector are engaged in construction of buildings, while the rest 10 percent workforce is involved in building completion, finishing, electrical, plumbing, other installation services, demolition and site preparation.

Some of the factors could have dampening effect on GDP growth in the coming year viz. the possibility of an increase in crude oil prices in the worldwide market.

"This is classic about all asset prices for the last 200 years". The prices of crude oil per barrel can reach $80.

Productivity will have to be increased, and price and income volatility reduced, against the backdrop of increasing resource constraints, according to the latest Economic Survey. He added that there is a need to see why the Indian economy de-coupled from the rest of the economy over 3-4 quarters. The Survey said that growth in the economy as well as corporate earnings is required to sustain the current stock market valuations, otherwise the possibility of a correction can not be ruled out. The rise in crude oil prices can be foiled, to some extent, provided the government aggressively pushes ahead with its course-correction blueprint. They should stabilize the GST.

The survey has stressed that demonetization was only a blip that did not last beyond mid-2017.

There has been a large increase in registered indirect and direct taxpayers.

In Tourism, India's foreign tourist arrivals (FTA) grew 9.7% in 2017 to 8.8 million and Foreign Exchange Earnings (FEE) grew by 8.8%. FTAs on e-Tourist Visa grew by 143 per cent to 10.8 lakh in 2016, and further grew by 57.2 per cent to 17.0 lakh during 2017. Foreign exchange reserves increased further to $413.8 billion January 12, 2018. This is double the share of India's merchandise exports in the world at 1.7%, the Survey pointed out. "This is reflected in the finding that in India, roughly 40 to 50 per cent of rural children in grades 3 to 8 can not meet the basic learning standards". It clearly points out how tax departments have extremely low success rate when they have contested for tax disputes.

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