Services exports grew at 16.2% during Apr-Sept: Economic Survey

Posted January 31, 2018

Former Lok Sabha member from Puducherry Prof.M Ramadass on Tuesday said that the Economic Survey 2017-18 presented to Parliament on Monday, portraying a bird's eye of the current status of Indian Economy, conceals more of dark realities than of revealing a few uncertain bright spots in the Economy.

"The growth rate in the first half was 6 per cent, and the year is likely to end with a growth rate of between 6 and 6.5 per cent.Altogether, it is a depressing report of the fiscal year that will come to an end in two months", he said.

"GDP growth might be at the lower end of the range, but broadly the estimates are in line with our expectations", said Suvodeep Rakshit, senior economist at Kotak Institutional Equities in Mumbai. Since agriculture is a state subject, the survey also strongly advocated a mechanism similar to the GST Council to bring more reforms in the agricul-ture sector and boost farmers' income.

The Economic Survey of India was tabled in Parliament on Monday.

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The average price of the basket of crude India imports rose by around 14 per cent in the current fiscal and is projected to further rise by 10-15 per cent in 2018-19, the Survey said. FTAs on e-Tourist Visa grew by 143 per cent to 10.8 lakh in 2016, and further grew by 57.2 per cent to 17.0 lakh during 2017.

China expects its economy to slow to a 6.5-6.8 per cent growth rate this year which would cede the top slot to India.

The survey cautioned that certain factors could dampen GDP growth in the coming year, such as the possibility of an increase in crude oil prices in the worldwide market.

The Economic Survey has suggested that the Goods and Services Tax (GST) Council should comprehensively review "embedded taxes" and expeditiously eliminate the embedded export taxes to boost India's manufacturing exports.

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Tax collection might be like previous year. This is double the share of India's merchandise exports in the world at 1.7%, the Survey pointed out.

The bulk of transactions are business-to-business (B2B) and exports, which account for 30-34 percent apiece.

In Tourism, India's foreign tourist arrivals (FTA) grew 9.7% in 2017 to 8.8 million and Foreign Exchange Earnings (FEE) grew by 8.8%.

The survey says the implementation of Goods and Services Tax (GST), liquidation of major stressed companies and the recapitalisation package to strengthen public sector banks, and an export uplift from the global recovery, has helped accelerate economic growth following a period of slowdown.

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