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Essay on “Major Highlights of The Economic Survey 2018” Complete Essay for Class 10, Class 12 and Graduation and other classes.

Major Highlights of The Economic Survey 2018

Economic survey of India is presented by the department of economic affairs, every year in the parliament of India. Union budget is generally presented after the economic survey.

Economic survey of India represents us about the economic state of our country in official version. Economic survey is prepared by the ministry of finance under the guidance of chief economic advisor. The present chief economic advisor of India is Mr. Arvind Subramanian.

The guidelines under the economic survey of India are just non–binding measures. It is upto the government of India about following the necessary steps or not if needed.

Some projected and actual facts and figures about the economy of India 2018-19

The GDP (gross domestic product) growth of India for the year 2017-18 was 6.5%

The projected figures for the GDP growth for the financial year 2019 is 7.0-7.5%

The actual GDP achieved in the year 2017-18 was lowest among the past year as described follows:

The GDP growth rate at constant prices in

  • 2014-15 was 7.5 %
  • 2015-16 was 8.0 %
  • 2016-17 was 7.1%
  • 2017-18 was 6.5 %

So we can analyze that the GDP growth rate of the year 2017-18 was lowest among the past years.

Fiscal deficit

The targeted fiscal deficit by the economic survey of India for the year 2019 is below 2 %. If we go through the past year figures about the fiscal deficit we can see that the fiscal deficit was on a decreasing trend from year to year. Fiscal deficit in 2014-15 was 4.1 % which came down to 3.2 % in the year 2017-18.

Major achievement of the year 2017-18 was a steep increase in the number of the tax payers due the application of GST (goods and services tax).goods and services tax resulted in increase in the tax registrants.

Some of the main states with major GST registrants are Maharashtra, Tamilnadu, Uttar Pradesh and Gujarat. On and above 18 lakh people have been added to the slab of new income tax payers. Before the introduction of GST only 25% of the population pays tax.

Facts About Savings 

The ratio of domestic savings is increasing due to demonetization.

Swachh Bharat initiative

The rural sanitation problems were improved upto a large extent under the swachh bharat scheme. Sanitation coverage in rural areas was amount to be 76% in 2018. This sanitation coverage was increased from 39 % in 2014 from 76% in 2018.

Inflation 

CPI inflation (consumer price index) was 3.3 % in 2017-18 which was lowest among past six years. WPI inflation (whole sale price index) was 2.9 % in 2017-18.

FOOD GRAINS PRODUCTION 2017-18 (IN MILLION TONNES)

The total food grains production is also increased from 252.0 (2014-15) to 275.7 in 2016-17

Women’s engagement in agriculture has also been increased in rural areas. The most important point to be noted here is that the international women’s farmer day is being celebrated in 15 October every year.

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