Finance Minister tables Economic Survey for 2015-16 in Lok Sabha

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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

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