Economic Survey 2017 to be tabled in Parliament shortly

New Delhi: The Economic Survey 2017-18 will be tabled in Parliament by the Finance Minister Arun Jaitley on Tuesday.

The Economic Survey is the Finance Ministry's view on the annual economic development of the country that gives a broad idea on the macro-economic data, which will impact the budget decisions.

The survey, a flagship annual document of the Ministry of Finance, reviews the developments in the economy over the previous 12 months, which summarises the performance on major development programmes, and highlights the policy initiatives of the government and the prospects of the economy in the short to medium term.

Meanwhile, the IMF on January 16 cut India's growth rate for the current fiscal year to 6.6 percent from its previous estimate of 7.6 percent.

The cut in India's growth rates came after the World Bank decelerated India's GDP growth for 2016-17 fiscal to 7 percent from its previous estimate of 7.6 per cent citing the impact of demonetisation.

But forecast issued on January 11 said that India would regain momentum in the following years with a growth of 7.6 percent and 7.8 pecent due to a reform initiatives

Despite IMF's downward revision of India's growth rate and a slight upward revision of China's growth projections, India continues to be the fastest growing countries among emerging economies

Jaitley will on Wednesday present his fourth and perhaps the most challenging Budget that may look to soften blow of currency ban with tax and other sops as he seeks to revive growth.

While largely sticking to fiscal consolidation roadmap, Jaitley will present the Budget for 2017-18 amid strong headwinds caused by government decision to invalidate 86 percent of the currency and the newly elected US President making protectionist noises.