WION Web Team Delhi, India
Jan 29, 2018, 08.04 AM
Shortly after Union Finance Minister Arun Jaitley tabled the Economy Survey in the Parliament today, Chief Financial Adviser Arvind Subramanian took to Twitter sharing key points of the survey.
This year's survey was expected to analyze the GST implementation and the demonetisation move in detail.
"GST shows cooperative federalism; 'technology' is powerful, must be used for other reforms involving states: agriculture, power, DBT. India went from 'crony socialism to stigmatised capitalism' hence recent actions on twin balance sheet noteworthy," tweeted Subramanian.
GST shows coopertve federalsm “technology” is powerful, mst be used fr othr refrms invlvng states: agri, power, DBT
India went frm “crony socialsm to stigmatizd capitalsm” hence recnt actns on twin balance sheet noteworthy #economicsurvey18https://t.co/VAfz77JvGp
According to Subramanian, some of the key areas and policy agenda for the upcoming fiscal year would include supporting agriculture, GST stabilisation, recapitalisation, privatisation of Air-India and combatting macroeconomic pressures.
"GST revenues are doing well: 12 per cent growth, better buoyancy than previous taxes," noted Subramanian.
Major achvmnts of past year 1) Implmntng GST, respnding quickly to transitional challnges 2) Tacklng longfestering Twin Balance Sheet challnge by sendng stressd debtors to IBC & bank recap
Validation: first sovereign upgrade in 14 years#economicsurvey18https://t.co/VAfz77JvGp
Subramanian also highlighted some of the major achievements of the past year; implementing GST, responding quickly to transitional challenges, tackling long-festering twin balance sheet challenge featured on top of the list.