Aiming at a GDP growth rate of 6.75 per cent in the current financial year, the Economic Survey 2017-18, tabled by the Union Finance Minister Arun Jaitley on Monday, projected a GDP growth of 7 to 7.5 per cent in the financial year 2018-19. “A series of major reforms undertaken over the past year will allow real GDP growth to reach 6.75 percent this fiscal and will rise to 7.0 to 7.5 percent in 2018-19,” said the Economic Survey 2017-18. The survey said that the reform measures undertaken in 2017-18 could be further strengthened in the next year.
The survey also pointed out that the GDP growth has averaged 7.3 per cent for the period from 2014-15 to 2017-18, which is the highest among the major economies of the world. Even as it projected a higher growth rate, the survey highlighted that factors such as increase in crude oil prices in the international market may have a dampening effect on GDP growth in the coming year. It, however, pointed several factors that would support higher growth. “With world growth likely to witness moderate improvement in 2018, expectation of greater stability in GST, likely recovery in investment levels, and ongoing structural reforms, among others, should be supporting higher growth,” it said. Read More…
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