New Delhi: Following are the highlights of Economic Survey 2016-17 tabled in Parliament.
* GDP growth for next fiscal pegged at 6.75-7.5 percent
* 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
* Growth to return to normal as new currency comes in circulation
* Demonetisation to affect growth rate by 0.25-0.5 percent, but to have long-term benefits
* GST, other structural reforms should take the trend growth rate to 8-10 percent
* Fiscal windfall likely from Pradhan Mantri Garib Kalyan Yojana, low oil price
* Farm sector to grow at 4.1 percent this fiscal, up from 1.2 percent last year
* Fiscal gains from GST will take time to realise
* Demonetisation may affect supplies of certain agricultural products like sugar, milk, potatoes and onions
* Growth rate of industrial sector to moderate to 5.2 percent this fiscal, from 7.4 percent last fiscal
* Efforts to collect taxes on disclosed and undisclosed wealth should not lead to tax harassment
* Universal Basic Income Scheme is an alternative to plethora of state subsidies for poverty alleviation.
