India’s Economic Survey 2016–17, a flagship annual document of the Ministry of Finance, Government of India, reflects the trends in the country's economy, facilitating a better understanding of the resource mobilization and their allocation in the Budget. It summarizes the performance of major development programs and highlights the policy initiatives of the government and the prospects of the economy in the short to medium term. The Economic Survey, prepared by the Chief Economic Adviser, Arvind Subramanian, set the scene for Finance Minister Arun Jaitley's fourth annual budget on February 1, 2017.
The lack of any “big bang” announcements following the demonetization (removal) of the country’s 500 and 1,000 rupee notes ($7.35 and $14.70, respectively) dampened industry expectations to a certain degree. The Survey states that the adverse impact of demonetization on GDP growth will be transitional and that India’s economy is likely to grow between 6.75 and 7.5 percent in the 2017-18 fiscal year that starts on April 1.
This Insight zeroes in on the key features of India’s Economic Survey, the Budget for this financial year, and its impact on selected industry sectors.
Highlights of the Economic Survey
The Economic Survey highlights problems and prospects of India’s economy against which budgetary numbers are finalized. The last three Economic Surveys have been bullish on India’s growth.
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Keywords: Economic Survey, Budget, Infrastructure, Power, Pharmaceuticals and Healthcare, Automotive, Oil & Gas, ARC Advisory Group.