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A series of major reforms undertaken over the past year will allow real GDP growth to reach 6.75 per cent this financial year and growth will rise to 7.0-7.5 per cent in 2018-19, thereby re-instating India as the world's fastest-growing major economy, the Economic Survey 2017-18, tabled in Parliament on Monday by Finance Minister Arun Jaitley, said.
The Gross Value Added (GVA) at constant basic prices is expected to grow at the rate of 6.1 per cent in 2017-18 as compared to 6.6 per cent in 2016-17.
Similarly, the agriculture, industry, and services sectors are expected to grow at the rate of 2.1 per cent, 4.4 per cent, and 8.3 per cent, respectively, in 2017-18.
The survey adds that after remaining in negative territory for a couple of years, growth of exports rebounded into the positive during 2016-17 and was expected to grow faster in 2017-18. However, due to higher expected increase in imports, net exports of goods and services are slated to decline in 2017-18.
Similarly, despite the robust economic growth, savings and investment as a ratio of GDP generally declined. The major reduction in investment rate occurred in 2013-14, although it declined in 2015-16 too. Within this the share of household sector declined, while that of private corporate sector increased.
Ten new facts on the Indian economy
1) Large increase in registered indirect and direct taxpayers
2) Formal non-agricultural payroll much greater than believed
3) State's prosperity is positively correlated with their international and inter-state trade
4) India's firm export structure is substantially more egalitarian than in other large countries
5) Clothing incentive package boosted exports of redymade garments
6) Indian parents continue to have children until they get the desired number of sons
7) Substantial avoidable litigation in tax arena which government action could reduce
8) To re-ignite growth, raising investment is more important than raising saving
9) Direct tax collections by Indian states and local governments are significantly lower than those of their counterparts in other federal countries
10) Extreme weather adversely impacts agricultural yields