ProMASS News Bureau: Feb 26, 2016:
The Economic Survey has predicted a GDP growth of 7 to 7.75 per cent in 2016-17. Finance Minister Arun Jaitley today presented the Economic Survey in Parliament. The Survey for 2015-16 presents an optimistic picture of the national economy amidst a volatile international economic environment.
The Survey points out that the rupee has overcome the depreciation pressure better than the currencies of most of the countries. It says that the gaps in sectors like education, health and housing has to be bridged.
It says the government will meet its fiscal deficit target of 3.9 per cent of GDP. Inflation will ease between 4.5 to 5 per cent in 2016-17. The Current Account Deficit is likely to be in a low range of 1 to 1.5 per cent. The Survey underlined that the country’s economic growth is amongst the highest in the world. The report said the increase in wages as recommended by the 7th Pay Commission is unlikely to destabilise prices and will not impact on inflation. The Survey expects a good performance by the industrial, corporate and infrastructure sectors in the wake of various recent reform measures taken by the government.
