Vigilance required against a likely stock market bubble: Economic Survey The Economic Survey 2017-18 called for a vigil against a likely stock market bubble and that "sustaining" the current high valuations require "future earnings" to meet high expectations. According to Chief Economic Advisor Arvind Subramanian, past examples have shown that asset prices have a tendency to pull-back after they rise sharply. "The higher the prices go, I think our vigilance should increase correspondingly," Subramanian said. Highlights of Economic Survey 2018 Judicial reforms next frontier to improve World Bank's Ease of Doing Business ranking, says Economic Survey Even as India jumped 30 places to break into the top 100 countries on ease of doing business for the first time, the next frontier is addressing pendency, delays and backlogs in the appellate and judicial arenas, according to the Economic Survey for 2017-18. It added that India's ranking would get a further boost by the implementation of GST, which was not taken account of in this year's report. According to the Economic Survey 2017-18, the judicial pendency, delays and backlogs were hampering dispute resolution and contract enforcement, discouraging investment, stalling projects and hampering tax collections. The Survey report said they were also stressing taxpayers and escalating legal costs. Economic Survey more optimistic than what was projected last year, says NITI Aayog VC Rajiv Kumar Kumar said growth prediction of 7-7.5 per cent as per the survey is definitely achievable. "GST has been largely beneficial; and now, with the introduction of the e-way bill, tax collections will be made more seamless," he said. Kumar said that he expected Budget 2018-19 to focus on solving health and education-related problems of the common man and the adoption of a holistic approach to doubling farmers' income. Economic Survey testifies Modi government's economic mismanagement, says Congress The Economic Survey has affirmed "utter mismanagement" of India's economy by the Narendra Modi government in the last four years, the Congress said on Monday, after the Economic Survey 2017-18 was tabled in Parliament. "The GDP growth is down, agriculture is in utter disarray, rural wages are declining, industrial growth is plunging, job creation figures are invisible, fresh Investment is low, education and health spending is in crises and 'Make in India' is floundering," Congress spokesman Randeep Singh Surjewala said. "By the Economic Survey's own admission, the informal sector has been severely impacted thanks to demonetisation and flawed GST," Surjewala said. Economic Survey gives no proof to support growth claims, says P Chidambaram Picking holes in the growth projections made by the Economic Survey, senior Congress leader and former Union Finance Minister P. Chidambaram said the Survey offered "little evidence" in support of its claims and added that the fiscal is likely to end with a growth rate of "between 6 and 6.5 per cent". Calling the Survey as a "refreshingly candid document that has brought to surface internal contradictions within the government", Chidambaram pointed out that as per the document, the future course of economy is conditional on many "ifs".