• News
  • World Media

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.

Leave Your Comment

Leave Your Comment


Latest News

Breaking News



Recommended

Analyst Opinion Summary: JD.com, Inc. (JD), Exxon Mobil Corporation (XOM)

It fall, as 83 investors sold QCOM shares while 490 reduced holdings. 88 funds opened positions while 466 raised stakes. Viking Fund Management Llc sold 14,450 shares as the company's stock declined 3.45% while stock markets rallied.

Carson Wentz ditches cane, showing progress in ACL rehab

You know I truly believe my goal is to be ready for week one". "It's just such a fluid process, and we'll just see what happens". But for Wentz to play a large role in any sustained success, he'll need to stay on the field.

Mauricio Pochettino shares his half-time message to Tottenham team

The Irishman had done the seemingly impossible as he netted home a shock opener into the bottom left corner. Finally, though, Spurs were able to find a way past Day in the 82nd minute through Kane.

Multiplex Association of India bans 'Padmaavat' display in four states

Padmaavat issue has become part of the campaign for Ajmer bypolls and both parties are trying to score brownie points on it. The protests are expected to continue around the country.

Trump calls for new rules to end shutdown

US PRESIDENT Donald Trump has called for the implementation of new rules to end the government shutdown . By Saturday night negotiations on both immigration and to reopen the government still hadn't progressed.

Scientists move Doomsday Clock closer to midnight

But as the group points out in their statement, it is possible to effect change for the good of the planet and humanity. At the time, this was the closest the clock had come to midnight in over 60 years.

Trump says he is willing to be interviewed under oath by Mueller

Speaking to reporters on Wednesday, Trump went on to reject criticism of his counter-attacks to the Russian Federation probe. Sessions was the first member of Trump's Cabinet known to have been questioned by Mueller's office.

Oscars 2018: Not Too White, and a Little Less Male Dominated

James Franco won a Golden Globe for his performance in The Disaster Artist , but was shut out of the Oscar acting categories. The National Board of Review and National Society of Film Critics also named her best director for her work on the film.

Last major challenger to Egypt's Sisi calls off…

In 2013, el-Sissi led the military's ouster of Morsi, amid massive protests of Brotherhood rule. Annan was also arrested by the military Tuesday, but his campaign made no mention of that.

LeBron James congratulates himself ahead of joining NBA's 30000-point club

At least for part of a game , James and his teammates can put that squabbling behind them and celebrate his undeniable greatness. Evan Fournier led the Magic with 22 points and Elfrid Payton had 21 points, seven assists and seven rebounds.