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Economic Survey 2017-18 predicts 7 to 7.5 % GDP Growth in 2018-19

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New Delhi: Economic Survey 2017-18 has predicted 7 to 7.5 % of India’s Gross Domestic Product (GDP) growth in 2018-19. Tabled in Parliament on Monday by Finance Minister Arun Jaitley, the Survey says that a series of major reforms undertaken over the past year will allow real GDP growth to reach 6.75 % this fiscal and will rise to 7.0 to 7.5 % in 2018-19.

The survey underlines that due to the launch of transformational Goods and Services Tax (GST) reform, resolution of the long-festering Twin Balance Sheet problem, implementing a major recapitalization package to strengthen the public sector banks, further liberalization of FDI and the export uplift from the global recovery, the economy began to accelerate in the second half of the year and can clock 6.75 % growth this year.

The survey points out that there was a reversal of the declining trend of GDP growth in the second quarter of 2017-18, led by the industry sector. The Gross Value Added at constant basic prices is expected to grow at the rate of 6.1 % in 2017-18 as compared to 6.6 % in 2016-17.

Similarly, agriculture, industry and services sectors are expected to grow at the rate of 2.1 %, 4.4 %, and 8.3 % respectively in 2017-18. The survey also adds that after remaining in negative territory for a couple of years, growth of exports rebounded into positive one during 2016-17 and expected to grow faster in 2017-18.