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   Economic Survey 2016 highlights: The government tabled the Economic Survey 2016 today in Parliament by FM Arun Jaitley amid shouting by opposition benches. It has been revealed that GDP growth rate in India is seen in range of 7 to 7.75 per cent in 2016-17 (it expects Indian economy to grow 7-7.5 percent in the fiscal year to March 2017). Economic Survey 2016 is a key government report presented ahead of the Union Budget 2016 by Finance Minister Arun Jaitley on Monday. The Economic Survey, the basis for Arun Jaitley's budget for the fiscal year starting April 1, projected India to grow 8 percent in the next couple of years. The survey was prepared by the finance ministry's chief economic adviser Arvind Subramanian. Here are the Economic Survey highlights: (Image Source: PIB)Read more: Economic Survey 2016 LIVE updates: Govt tables Economic Survey 2015-16, FY17 GDP seen at 7-7.75%

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   Economic Survey 2016 highlights: * Increase in wages recommended by the 7th Pay Commission not likely to destabilise prices, will have little impact on inflation; * Upcoming budget and economic policy will have to contend with an unusually challenging and weak external environment; * Economic Survey projects 7.6 per cent economic growth rate in 2015-16; * Govt will meet its fiscal deficit target of 3.9 per cent of GDP (Image Source: PIB)
   Read: Economic Survey 2016: Highlights

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   Economic Survey 2016 highlights: * Time is right for a review of medium-term fiscal framework; * 2015/16 fiscal deficit seen at 3.9 percent of GDP seems achievable; * 2016/17 expected to be challenging from fiscal point of view (Image Source: PIB)

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   Economic Survey 2016 highlights: * Low inflation has taken hold, confidence in price stability has improved; * CPI inflation seen around 4.5 to 5 percent in 2016/17; * Expect RBI to meet 5 percent inflation target by March 2017; * 2016/17 current account deficit seen around 1-1.5 percent of GDP (Image Source: PIB)

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   Economic Survey 2016 highlights: * On the issue of the subsidies, the Economic Survey states that the rationalization and reprioritization of subsidies through better targeting would play a vital role in fiscal consolidation and in targeting expenditure more towards inclusive development. The total subsidy bill as a proportion of GDP is expected to be below 2% of GDP as per budget estimates for 2015-16. The 1.7% decline in majors subsidies was due to a near 44.7% decline in petroleum subsidy during April – December 2015 while other major subsidies- Food and Fertilizer-increased by 10.4% and 13.7% respectably during the period. (Image Source: PIB)

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   Economic Survey 2016 highlights: * Quoting the data released by the Controller General of Accounts, the Economic Survey states that the fiscal deficit of the Union Government at end –December 2015, as percentage of Budget Estimate is lower than in the corresponding period of the last year. The benign fiscal outcome so far in the year has been due to improved tax buoyancy and prudent expenditure management with assistance from the decline in oil price. The other notable highlights of the current year have been increased tax devolution to the states, achieving the highest increase in capital expenditure in the last six year and decline in majors subsidies. (Image Source: PIB)

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   Economic Survey 2016 highlights: * The robust growth in gross tax revenue in the first three quarter of the year was aided by the 34.8% growth in indirect taxes, with union excise duties growing by about 68%. Direct Taxes – both on personal income and corporate income- grew by more than 10% during the period. Disinvestment receipts at end – December 2015, though higher than in the previous year, stood only at 18.5% of the BE. Most of the 33.5% increase in capital expenditure was on the plan side. Revenue expenditure in April to December 2015 was only modestly higher by 9%. (Image Source: PIB)

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   Economic Survey 2016 highlights: * The report says that the robust GDP growth has kept the increasing debt of the Central Government at sustainable levels, relative to the size of the economy. It says that the outstanding external debt which is 1.5% of GDP, is only small fraction of the total liability of the centre and is a declining proportion of GDP. (Image Source: PIB)

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   Economic Survey 2016 highlights: * On the issue of fiscal performance of the general government (Center plus States), the survey says that performance has been of fiscal consolidation and fiscal discipline. Based on the first 8 months’ data of the current year, it is observed that the both the centre and the states have stuck to the plan of ensuring quality of expenditure and boosting public investment. (Image Source: PIB)

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    Economic Survey 2016 highlights: * The survey says that the coming year is expected to be a challenging one from the fiscal point of view. The chances of India’s growth rate in 2016-17 increasing significantly beyond 2015-16 levels are not very high, due to likelihood of persistence of Global slowdown. Further the implementation of the Pay Commission recommendations and the One Rank One Pay (OROP) scheme will put additional burden on expenditure. Improving tax compliance through better tax administration, tapping new resources etc. could help raise more revenue and keep the fiscal deficit at levels projected in the revised fiscal roadmap. Improving the quality of expenditure has been indicated as important for achieving sustained fiscal consolidation. (Image Source: PIB)