Services sector remains key growth driver: Economic Survey

Feb 29, 2016, 21:23
Services sector remains key growth driver: Economic Survey

However, it also warned of the need for a "recalibration of expectations" due to the tough external situation and said it may take India a few years longer to reach its full potential of 8-10 per cent amid slow global growth.

India's troubled shipping sector is in a dire need to change its fleet, which has as many as 42 per cent of the vessels that have crossed 20 years of age.

Medium Term Growth between 7 to 7.75%: Economic Survey 2015-16 witnessed the growth between 7 to 7.75% according to the latest survey.

"We are happy to note that amidst gloomy signs around the world, this survey positions India to be in the safe zone especially with a healthy GDP growth rate of 7 per cent to 7.5 per cent during 2015-16", president of the Cochin Chamber of Commerce and Industry (CCCI) C S Kartha said here.

Last year, the government had announced a revamp plan "Indradhanush" to infuse Rs 70,000 crore in state-owned banks over four years, while they will have to raise a further Rs 1.1 lakh crore from the markets to meet their capital requirements in line with global banking risk norms Basel III. "Accelerated structural reforms at the Centre, the dynamism of competitive federalism and good economics being good politics could all combine to maintain the fundamental promise that is India", it said. The survey also revealed that GDP growth in 2015-16 would be 7.6%, reportedly making it the fastest growing economy in the world.

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It also suggested that property taxation needs to be developed as sparse systematic data on property taxation shows how little attention has been given to this tax.

The survey said that for India, poverty alleviation and development are of vital importance and resources should not be diverted from meeting these development needs.

The survey noted that there has been an increase in use of contract labour.

The survey makes a strong pitch for major investments in health and education of people to exploit the country's demographic dividend to an optimal extent. Calling for sweeping reforms in the fertiliser sector, it pitched for deregulation of the urea market through payment of fixed subsidy directly to farmers and freeing imports.

This "does not augur well for the government capex - the major support to investment today, as private investment sentiment continues to stay weak", said Rupa Rege-Nitsure, group chief economist at L&T Finance Holdings in Mumbai.

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The BSE's benchmark Sensex declined by 8.5 per cent (till January 5, 2016) over March 2015, mainly on account of turmoil in global equity markets.

Even as palpable perception prevailed corruption was rooted out, government had demonstrated its will with transparent auctions of public assets.

On the tax front, much stability had been restored as evidenced by the settlement of the Minimum Alternate Tax (MT) imposed on foreign companies, major public investment undertaken to strengthen the country's infrastructure sector (power, oil & gas, roads, ports, steel etc.) On the agriculture front, a crop insurance scheme had been launched.

"With focus on reforms in key sectors coupled with stable macroeconomic conditions, the growth prospect for the economy in the next year appears reasonable", the Survey said, adding that the headwinds may come from sluggish global demand.

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