Public Finance
- The growth in non-debt receipts at 25.8% during April-November, 2016 surpassed the budgeted growth rate of 16.4% for the full year (over 2015-16 PA).
- The realisation of the gross tax revenue during April-November, 2016 as ratio of the budget estimates for 2016-17 was 57.2% compared to 53% in the corresponding period of the previous year.
Highlights Economic Survey 2016-17
- India’s economic growth has been pegged at 6.5% for the current fiscal, down from 7.6% recorded in the last financial year, but is expected to rebound in the range of 6.75-7.5% in 2017-18 on January 30, 2017.
- Prescribes cut in individual I-T rates, real estate stamp duties.
- Income Tax net could be widened gradually by encompassing all high income earners. Time table for cutting corporate tax should be accelerated.
- Tax administration could be improved to reduce discretion and improve accountability.
- GST, other structural reforms should take the trend growth rate to 8-10%.
- Fiscal windfall likely from Pradhan Mantri Garib Kalyan Yojana, low oil price. Farm sector to grow at 4.1% this fiscal, up from 1.2% last year.
- Growth rate of industrial sector to moderate to 5.2% this fiscal, from 7.4% last fiscal.
- The Economic Survey 2016-17 has advocated the concept of Universal Basic Income (UBI) as an alternative to the various social welfare schemes in an effort to reduce poverty.
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