Economic Survey 2017: In the wake of President Pranab Mukherjee addressing the joint session of Parliament and indicated what the achievements of the Narendra Modi-led NDA government was as well as highlighted its bent towards ensuring social equity, the Finance Ministry’s Economic Survey, prepared by Chief Economic Adviser (CEA) Arvind Subramanian, was tabled – in it the ministry unveils its view on annual economic development. As per the report, the Indian economy should grow between 6.75 percent and 7.5 percent in the financial year beginning on April 1. Here are the top 10 key highlights from the report:

1. India’s trade-GDP ratio is now greater than China’s.

2. Demonetisation has had short-term costs but holds the potential for long-term benefits. Impact of demonetisation will lead to lower market interest rates in FY18.

3. Universal Basic Income (UBI) Scheme an alternative to plethora of State subsidies for poverty alleviation.

4. The Constitutional Amendment on GST will create a common Indian market, improve tax compliance and governance and boost investment and growth. Fiscal gains from Goods and Services Tax will take time to realise.

5. Labour migration in India increasing at an accelerating rate.

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6. The current account deficit (CAD) narrowed in the first half of 2016-17 to 0.3 % of GDP.

7. Economic Survey sees fiscal windfall from Pradhan Mantri Garib Kalyan Yojana, low oil prices.

8. Economic Survey advocates reforms to unleash economic dynamism and social justice.

9. GDP growth rate at constant market prices for the current year i.e.2016-17 is placed at 7.1 per cent. Growth rate of the industrial sector estimated to moderate to 5.2% in 2016-17 from 7.4% in 2015-16.

10. Agriculture sector to grow at 4.1 per cent in the current year up from 1.2 per cent in 2015-16.

Speaking after the event, CEA Subramanian highlighted the fact that India is moving towards a more comfortable situation, as far as its economy is concerned. He added, “Demonetisation has actually affected different forms of money very differently. What demonetisation has done is both simultaneously reduced supply of cash, but by the same token it has increased supply of deposits. Currency squeeze was less severe than perceived.”