Union Finance Minister Arun Jaitley has tabled the Economic Survey for 2015-16 in the lower house of the parliament.
Chief Economic Adviser Arvind Subramanian is expected to address a press conference later today.
The pre-budget economic survey is a summary of economic performance of the country in the year gone by.
Here are the highlights:
- Growth in the services sector moderated slightly, but still remains robust.
- Current Account Deficit as a proportion of GDP likely to be in the low range of 1 to 1.5%.
- Growth in industry is estimated to have accelerated during the current year
- India’s long run potential GDP growth is substantial, about 8 to 10%.
- GDP growth rate for 2016-17 to be in the range of 7% to 7.75%.
- FY17 expected to be challenging from fiscal point of view
- Upcoming budget and economic policy will have to contend with an unusually challenging and weak external environment
- Foreign exchange reserves have risen to US $ 349.6 (Jan-2016)
- Services continues to be key driver; expected to be 9.2% in 2015-16