Zee Media Bureau
New Delhi: The Central Statistical Organisation is likely to submit its advance estimates of GDP growth by almost a month before than the norm, so that the Union Budget is ready on time to be presented on February 1.
“We get the GDP advance estimates in the first week of February,” Mr. Das said. “This year, the CSO has agreed to give us this figure in the first week of January and based on that we can extrapolate the GDP for the current year and next year,” Economic Affairs Secretary Shaktikanta Das said in an interview to Doordarshan.
“The expenditure numbers are not linked to the GDP figure, so this year we are adopting the extrapolation approach and next year, the CSO has taken steps to advance the data collection so we can get it by the first week of January,” he said.
The Secretary said that on the back of improved farm sector output this year, the GDP is expected to grow better than the growth of 7.6 percent witnessed in 2015-16.
Das also added that the Budget 2017-18 is expected to be leaner than the previous years. He said the Finance Bill will be a much more compact document, due to the proposed rollout of the Goods and Services Tax in 2017. “There are always several changes in central excise and service tax that are incorporated in the Finance Bill. But they are now a part of GST, so those changes won’t be there in the Finance Bill,”he added.
He said that the Department of Revenue and state governments are fully prepared for an April 1, 2017 rollout of GST. The tax related legislation is expected to be presented in the Winter session of Parliament which begins on November 16.