The Economic Survey 2017-18, tabled in the Lok Sabha at the start of the Budget Session, has pegged India's GDP growth in the next year at 7-7.5%. This fiscal, it will reach 6.75%, thanks to several major reforms including GST, bank recapitalization, FDI liberalization and higher exports, the report said.
The annual Economic Survey, drafted by the chief economic adviser's team under the finance ministry, reviews developments in the last 12 months, summarizes the state of the economy, highlights government policies and predicts future growth. It is tabled in both Houses right ahead of the Budget. Though it usually makes recommendations for future policies, the proposals aren't binding on the government.
The Economic Survey predicts agriculture growth in 2018-19 at 2.1%, industry growth at 4.4% and service growth at 8.3%. If high oil prices persist, the government should adopt "policy vigilance," it said. The export sector will be the biggest source of upside to growth. A pause in government fiscal consolidation can't be ruled out. Direct tax collections are expected to meet targets.
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