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

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

"A series of major reforms undertaken over the past year will allow real GDP growth to reach 6.75 percent this fiscal (year) and will rise to 7.0 to 7.5 percent in 2018/19, thereby reinstating India as the world's fastest growing major economy", the survey said.

During the campaign for the Lok Sabha elections in 2014, Prime Minister Modi promised voters to bring "Acche Din (Good days)" in the country if the Bharatiya Janata Party (BJP) is voted to power.

Indirect tax growth might grow as per the estimates. Agricultural Growth is (down).

The survey underlined that the economy began to accelerate in the second half of the year and can clock 6.75 percent growth this fiscal due to the launch of transformational Goods and Services Tax reform July 1, 2017, and the new Indian Bankruptcy Code, which resolves the long-festering Twin Balance Sheet issue by now sending major stressed companies for resolution under the new code.

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. "However, the Global Infrastructure Outlook reflects that rising income levels and economic prosperity is likely to further drive demand for infrastructure investment in India over the next 25 years".

The finance ministry added in a statement that there are still worries about the coming fiscal year, especially the possibility of an increase in prices of crude oil in the global market.

Referring to the Rs. 6,000-crore package for the apparel sector announced in June 2016, the Survey observed that the largest component of that package was rebates on state levies to offset indirect taxes levied by the states (the VAT) that were "embedded" in exports.

The slowdown was blamed on the sudden cancellation of 86 percent of India's currency at the end of 2016 and the chaotic implementation of a single goods and services tax past year. So I think we need to watch oil prices very carefully. 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. This is double the share of India's merchandise exports in the world at 1.7%, the Survey pointed out.

It also called for a review of the cereal-centric policy where the government has over the years been focussed more on production and productivity of foodgrains.

Large increase in voluntary registrations under GST, especially of small enterprises has led to greater formalization of the economy.

While the Economic Survey 2018 painted a "rosy picture" for India in the coming days, Congress president Rahul Gandhi chose to attack the Narendra Modi government on various economic fronts on Monday.

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