Economic Survey 2015 16 With Reforms in Key Areas, Reduction in Macro Vulnerability Today PIB

5/19/2016
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19May2016
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EnglishRelease18May2016
Date 18
Month May
Year 2016
President'sSecretariat
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26February,201612:11IST
FinanceMinisterShriArunJaitleyPresents
EconomicSurvey201516intheparliamenttoday
SaysRatesof8PerCentorHigherExpectedin
thenextcoupleofyearsasthereisMacro
EconomicStabilitynow
EconomicSurvey201516:withreformsinkey
areas,thereisreductioninMacroVulnerability
today
Indian economy has taken impressive strides with

reduction in macrovulnerability due to reforms in
key areas, pursuit of fiscal prudence and focus on
price stability. The Economic Survey 201516
presented in the Parliament today by the Finance
MinisterShriArunJaitleystatesthatthebenignprice
situation and comfortable level of external current
account in the country makes it possible now for
growth rates of 8 % or higher in the next couple of
years.
It says as the Government is committed to carrying

the reform process forward and conditions exists
todayforsuchgrowthaidedbytheprevailingmacro
economicstability.
TheReportportendsgrowthrateintherangeof7to
7.5percentin201617.After7.2percentin2014
15 and 7.6 per cent in 201516, such growth rate of
over7percentmakesIndiathefastestgrowingmajor
economy in the world. It states that Indias
contributionintheglobaleconomyhasbecomemuch
more valuable today as China is rebalancing. The
Survey further mentions that the recent growth
revival in India is predominantly consumption
driven. It says while the growth in services sector
has moderated slightly. The acceleration in
manufacturinggrowthhascompensatedforthelower
growth in agriculture sector, due to two successive
yearsoflowerthannormalmonsoonrains.
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5/19/2016
The Survey, however, expresses a caution of weak

globaldemand.
Post Fourteenth Finance Commission (FFC)

recommendations, equilibrium is sought to be
achieved between higher capital expenditure, higher
net resource transfers to States and higher gross tax
revenues,theEconomicSurvey201516states.
It says that in spite of challenges and lowers than

projected GDP growth during 201516, the fiscal
deficit target of 3.9 per cent of GDP seems
achievable. This became possible as the Gross Tax
Revenue (GTR) targets were achieved, due to
improved tax buoyancy and prudent expenditure
management,assistedbydecliningoilprices.
The Survey points out that an indication of better

fiscal management is that the total expenditure for
201516wasestimatedatRs.17.77lakhcrorewhich
was5.7percenthigherthantherevisedestimatesof
201415.Agrowthof25.5percentwasenvisagedin
capitalexpenditure,reiteratingthefocusonqualityof
expenditure. The notable highlights of the benign
fiscaloutcomeinthecurrentyeartillDecember2015
included: robust growth in indirect taxes, increased
tax devolution to the states in line with the
recommendationsoftheFFC,thehighestincreasein
capitalexpenditureinthelastsixyearsanddeclinein
majorsubsidies.
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5/19/2016
TheEconomicSurvey201516furtherpointsoutthat
thewholesalepriceinflationhadbeeninthenegative
territoryformorethanayearandtheconsumerprice
inflation has also declined to about half of what it
usedtobeinearlieryears.Itsaystheastutepolicies
and management of inflation by the government
throughbufferstocking,timelyreleaseofcerealsand
import of pulses had helped in keeping prices of
essentialcommoditiesundercheckduring201516.
The Survey however indicates that the recurrence

and rebound in the prices of some essential food
items,asexperiencedinthesecondhalfoftheyear,
indicatesthatwewouldrequirecontinueddeftsupply
managementinthenearfuture.
It points out that with easing of inflation measures,

theRBIhadbroughtdownthereporateby125basic
points (bps) from the beginning of 2015 to 6.75 per
centbytheendofSeptember2015.Itsaysthatthe
RBI also further conducted various measures like
variable repo rate and reverse repo (overnight and
term) auctions to address the daytoday liquidity
requirements. The operating target of monetary
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5/19/2016
requirements. The operating target of monetary

policy thus remained closely aligned to the policy
reporatetheEconomicSurvey201516asserts.
TheEconomicSurveypointsoutthatthereisurgent
need to rationalize agricultural policies including
subsidies by making them inputcrop and region
neutraltoimproveproductivityinagriculture.Itsays
theadoptionofQuality/GM/Pestresistantseedswill
be another pathway to improve the productivity in
agriculture. The concerns around GM seeds need to
be resolved through debate and tests. The Direct
Benefit Transfer (DBT) mode for inputs like seeds
and fertilizer can prevent leakage and diversions in
the system and reach the targeted beneficiaries, the
Surveysays.
The Survey indicates that there was a good

performanceonthefrontofGovernmentsinitiatives
towards achieving the overall goal of Financial
Inclusion through Pradhan Mantri Jandhan
Yojana(PMJDY), Pradhan Mantri Suraksha Bima
Yojana(PMSBY),PradhanMantriJeevanJyotiBima
Yojana(PMJJBY), the Atal Pension Yojana(APY)
and setting up of Micro Units Development
Refinance Agency (MUDRA) in the banking and
insurance sectors. The Survey also pointsout as to
how measures were taken to mobilize gold for
productive purposes, through the Sovereign Gold
BondSchemeandtheGoldMonetizationScheme.
It, however, stated that the performance of the

Scheduled Commercial Banks remained subdued
during 2015 and there had been sluggish growth of
bankcredit.
The Survey, however, expects continued good

performance by the Industrial, Corporate and
Infrastructure Sectors in the wake of various recent
reform measures undertaken by the Government. It
says development of the Infrastructure Sector has
been a priority area for the Government and it
witnessed enhanced public investment. Growth in
thefreightcarriagebyIndianRailways,atPorts,the
growth in the Civil Aviation Sector,
Telecommunication Sector and National Highways
Constructionhaveallbeenimpressive.
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5/19/2016
Some reform measures which contributed to such

growthinclude:Auctionssuccessfullyundertakenfor
allocationofcoalandminesblocks.
Improvements in Policy for production sharing

contractsunderNELPandtestingrequirementsalong
withaUniformLicensingandOpenAcreagePolicy
etc.,inthepetroleumsectorhasbeentakenup.
Taxfree infrastructure bonds have been allowed for

rail,roadsandirrigationprogrammes
National Investment and Infrastructure Fund (NIIF)

to extend equity support to infrastructure NonBank
FinancialCompanies(NBFC).
More open FDI policy has been adopted with FDI

allowed for Defence sector up to 49% Railways
100% Insurance and Pension 49% etc. Apart from
this, a number of sectors like construction,
broadcasting, civil aviation, plantation, trading,
private sector banking, satellite establishment and
operationandcreditinformationcompaniesetc.have
beenliberalized.
ItpointsoutthattheServicesSectorcontinuestobe
the key driver of Indias economic growth and it
acceleratedto10.3percentin201415from7.8per
centinthepreviousyearanditisexpectedtobe9.2
per cent (constant prices) in 201516 as per the
advanced estimates. This is due to lower growth in
PublicAdministration, Defence and other Services.
TherehasbeenarisingtrendinFDIequityinflowsto
theservicessectorinthefirstsevenmonthsof2015
16withFDIinflowsgrowingby74.7percent.The
Report, however, points out that there has been
sluggishness in Indias service exports in the recent
monthsduetoglobalslowdown.
5/6
5/19/2016
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Economic Survey 2015 16 With Reforms in Key Areas, Reduction in Macro Vulnerability Today PIB

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5/19/2016

Indian economy has taken impressive strides with

It says as the Government is committed to carrying

The Survey, however, expresses a caution of weak

Post Fourteenth Finance Commission (FFC)

It says that in spite of challenges and lowers than

The Survey points out that an indication of better

The Survey however indicates that the recurrence

It points out that with easing of inflation measures,

requirements. The operating target of monetary

The Survey indicates that there was a good

It, however, stated that the performance of the

The Survey, however, expects continued good

Some reform measures which contributed to such

Improvements in Policy for production sharing

Taxfree infrastructure bonds have been allowed for

National Investment and Infrastructure Fund (NIIF)

More open FDI policy has been adopted with FDI

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