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In the midst of economic gloom everywhere, Finance Minister Arun Jaitley today announced the economic survey for 2016 which projects an excellent picture of India’s economic future.

But is it a proverbial silver lining?

FM Arun Jaitley presenting Economic Survey 2016
FM Arun Jaitley presenting Economic Survey 2016

Here we present the major highlights from economic survey 2016:

  • India’s economic growth is pegged between 7 and 7.5% for 2016. Financial year starts from April 1st, 2016
  • For 2015-16, fiscal deficit of 3.9% of GDP was estimated, which seems achievable as of now
  • Fiscal deficit amounting to 3.5% of GDP is being targeted for 2016-17
  • CPI Inflation is being targeted between 4.5 to 5% in 2016-17
  • Confidence in price stability has become stronger; low inflation is now holding
  • Account deficit targeted at 1-1.5% of GDP
  • Fair value of rupee can be achieved by monetary relaxation
  • In case capital inflows are weak, we can allow weakening of rupee
  • Indian market needs to be prepared for massive readjustment of currency in Asia, as a similar phenomenon shall be happening in China soon
Economic Survey Highlights
Source: PIB
  • Banks need Rs 1.8 trillion as capital for 2017-18
  • Rs 700 billion shall be provided to banks in current and succeeding years as budgetary allocation
  • Government is expected to sell-off certain non-financial institutions to bring in capital for state-run banks
  • Tax revenues are expected to be higher than budgeted levels of 2015-16
  • Government will attempt to expand tax net to 20% of earning individuals from 5% currently.
  • Some tax exemptions shall be removed to increase tax revenue
  • Entrepreneurs would be provided more soaps as entry and exit procedure shall be eased
  • GST is expected to be rolled out indicating major reforms

Read the full Economic Survey 2016 here.

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