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Tuesday, January 31, 2017

LATEST CURRENT AFFEIR QUIZ WITH MCQ BY EXAAM ZONE

The Union Finance Minister Arun Jaitley on 31 January 2017 presented the Economic Survey 2017 in the Parliament. 

The survey observed that the Indian Economy has sustained a macro-economic environment of relatively low inflation, fiscal discipline and moderate current account deficit coupled with broadly stable rupee-dollar exchange rate.

Highlights of Economic Survey 2016-17
• Macro economy: As per the advance estimates released by the Central Statistics Office, the growth rate of GDP at constant market prices for the year 2016-17 is placed at 7.1 per cent, as against 7.6 per cent in 2015-16.
• This estimate is based mainly on information for the first seven to eight months of the financial year. 
• For 2017-18, it is expected that the growth would return to normal as the new currency notes in required quantities come back into circulation and as follow-up actions to demonetisation are taken.
• On balance, there is a likelihood that Indian economy may recover back to 6.75 per cent to 7.5 per cent in 2017-18.
• Fiscal: Indirect taxes grew by 26.9 per cent during April-November 2016.
• The strong growth in revenue expenditure during April-November 2016 was boosted mainly by a 23.2 per cent increase in salaries due to the implementation of the Seventh Pay Commission and a 39.5 per cent increase in the grants for creation of capital assets.
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