India says economy poised to grow by 7-7.5 percent
Jan 30, 2018, 01:21
The forecast, that comes within an environment of slow and jobless growth, says the economy will grow on the back of major reforms which would be strengthened further in the next financial year. Uttar Pradesh and West Bengal have seen large increases in the number of tax registrants compared to the old tax regime.
The government also announced higher minimum support price (MSP) to incentivise production and thereby enhance availability of food items which may help moderate prices.
"The survey said that traditionally, there was a 0.8% monthly increase in new tax filers â€" representing growth of 10% annually before GST and demonetisation. Corporate India is looking for easier tax regime, lower interest rates and simplification of regulations.
The picture is similar for indirect tax litigation.
The survey clearly points out raising investment is more important than raising saving to reignite growth.
There was massive under-investment in infrastructure sector until the recent past due to collapse of public private partnerships, especially in power and telecom projects; stressed balance sheets of private companies; issues related to land and forest clearances, it said.
In the second half of the year, however, the survey points out, the economy witnessed "signs of revival" and the agenda for the next year remains staying the course by "stabilsing the GST, completing the TBS actions, privatising Air India and staving off threats to macro-economic stability". Protectionist policies in many global economies and a strong rupee are some impediments here.
The Survey said that the government measures to curb black money and encourage tax formalisation have increased personal income tax collections substantially (excluding the securities transactions tax). The Survey, which is an account of how economy fared in last 12 months, has revealed some interesting facts about the Indian economy. While the Insolvency resolution mechanism has begun in the right earnest, a big vigil needs to be kept and the banks must be given additional capital at the earliest. We also look forward to the roadmap on consolidation of banks that can improve the efficiency of the banking sector and aid economic expansion.
Clearly, Manmohan government had a tough time dealing with things that he had little control over. However, there has been only one repo rate cut by the RBI of 25 basis points during last fiscal year. The major reduction in investment rate occurred in 2013-14, although it declined in 2015-16 too.
Also, it emphasised that India's road density at 1.66 km/sq km of area is higher than that of Japan, USA, China, Brazil and Russian Federation while surface road length was 61 per cent of the total road lento, much lower than the UK, Korea, Russia and China. This is critical in wake of the long term growth and development of the economy. A robust education system integrated with skill education is the way forward in this regard.
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