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Budget 2018: Arun Jaitley tables Economic Survey in Parliament, predicts 7-7.5% growth in 2018-19

File photo Arun Jaitley. Photograph:( PTI )

WION Web Team Delhi, India Jan 29, 2018, 06.36 AM (IST)

Finance Minister Arun Jaitley tables the Economic Survey of 2018 in Parliament estimating the real GDP growth to clock 6.75 percent this fiscal year.

The economic survey predicts 7-7.5 percent growth in 2018-19. Employment, education & agriculture will be the focus areas this term, noted Jaitley. 

The survey was expected to take a close look at demonetization and the implementation of GST. The online report of the survey shared by Chief Economic Adviser, Arvind Subramanian, notes the following: 

"One of the aims of demonetization and the Goods and Services Tax (GST) was to increase the formalization of the economy and bring more Indians into the income tax net, which includes only about 59.3 million individual taxpayers... Has this happened and to what extent? At first blush, there does seem to have been a substantial increase in the number of new taxpayers. As income growth over time pushes many of the new tax filers over the
threshold, the revenue dividends should increase robustly."

The online copy of the complete survey has dedicated sections on 'State of Indian Economy', 'View of the Indian Economy Through GST', 'Climate, Climate Change and Agriculture', among others. 

The event precedes the presentation of this year's Budget on February 1 and marks the commencement of the first phase of the budget session. 

The Economic Survey is the Finance Ministry's yearly document that reviews the economic development of the country in the past year.

Chief Economic Adviser Arvind Subramanian shared details about the survey in an official web blog yesterday. 

The highlights of the survey will be shared by Mr Subramanian at a press conference at 1:30 pm today.

Prime Minister Narendra Modi recently hinted at the possibility of this year's to be non-populist in nature. 

The phase 1 of the session will wrap up on February 9. The second phase will take place from March 5 to April 6.