BPM sector grew 8%, e-commerce sector up 19%: Economic Survey

BPM sector grew 8%, e-commerce sector up 19%: Economic Survey

Agricultural Growth is (down).

India's economic growth would accelerate to 7 to 7.5 per cent in the 2018-19 financial year, enabling the country to bounce back as the world's fastest growing major economy, according to the economic survey tabled in Parliament on Monday. The Survey has pegged the GDP growth for the current fiscal at 6.75 per cent and said that exports as well as private investments are set to rebound in the coming year.

Chidambaram said though the survey says growth rate for 2017-18 will be 6.75 per cent, implying a second half growth rate of 7.5 per cent, it offers little evidence in support of this claim. GVA growth could be 6.1 per cent in 2018.

After Union finance minister Arun Jaitley presented the Economic Survey 2018- India's pre-budget economic report- to Parliament, he is all set to present the Union Budget 2018-2019 on Thursday (February 1).

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GDP may be impacted by 0.2-0.3 per cent, inflation will be higher by 0.2-0.3 per cent and current account deficit will widen if oil prices were to rise by Dollars 10 per barrel, Subramanian said.

Indirect tax collection might rise by 50 per cent.

The survey also took stock of legislative reforms being pursued in the labour sector for generating employment opportunities for people who are largely engaged in the informal economy.

Manufacturing growth could be 8 per cent. India relies on oil imports for the bulk of its needs.

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After remaining in negative territory for a couple of years, growth of exports rebounded in 2016-17 and strengthened further in 2017-18.

The survey said that there was an increase in the number of taxpayers post-demonetization. "This translates roughly into about 1.8 million additional tax payers due to demonetization-cum-GST, representing 3 percent of existing taxpayers". Foreign exchange reserves grew by 14.1 percent on a year-on-year basis from end December 2016 ($358.9 billion) to end December 2017 and it grew by 10.7 percent from end-March, 2017 ($370.0 billion) to end December 2017.

"The average oil prices are forecast by the International Monetary Fund to be about 12 percent higher in 2018-19, which will crimp real incomes and spending-assuming the increase is passed on into higher prices, rather than absorbed by the budget through excise tax reductions or by the oil marketing companies", the Economic Survey 2018 said.

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