Economic Survey Overview 2017-18 - NeoStencil · 2018-10-05 · Until 1964, it was presented along with the Union Budget. However, from 1964 0nwards, it has been presented separately,

Economic Survey Overview 2017-18

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About Economic Survey

It is a flagship annual document of the Ministry of Finance

It is presented in the parliament every year, just before the Union Budget.

It is prepared by the Department of Economic Affairs (Ministry of Finance)

of India under the guidance of the Chief Economic Adviser

It reviews the overall state of the economy in the last 12 months and highlights

the policy initiatives of the government and the prospects of the economy in

the short to medium term.

The First Economic Survey of India was presented for the year 1950-51.

Until 1964, it was presented along with the Union Budget. However, from

1964 0nwards, it has been presented separately, ahead of the Union Budget.

About Economic Survey 2018

Economic Survey 2018 was tabled in Parliament on 29th January, 2018 by the

Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley.

Economic Survey 2018 consists of two volumes, which, unlike last year, have

been presented simultaneously

Volume 1 contains the analytical overview and more research-cum-analytical

material.

Volume 2 provides the more descriptive review of the current fiscal year,

encompassing all the major sectors of the economy.

This Economic Survey has relied upon analysis of the new data to highlight

ten new economic facts

http://neostencil.com/


Ten new economic facts, included in the survey



Colour of Economic Survey 2018

The colour of this year’s survey cover is “pink”.

The pink colour was chosen as a symbol of support for the growing

movement to end violence against women, which spans continents.

Volume I



Volume II

Pertinent questions that Economic Survey 2018 discusses:-

1. Can we expect the current investment slowdown to reverse quickly based on

understanding other countries’ experience?

2. Do second and third tier of governments collect the direct taxes that they are

empowered to, and if not, what does that signify?



3. On gender, why should we focus on the sex ratio of the last child? Under

what conditions, to what extent, and where will the agricultural impact of

climate change be most felt?

4. Will there be a stall in India’s four decades long, dynamic process of

economic convergence?

5. Should the government and judiciary agree to a Cooperative Separation of

Powers like the centre and states do in the form of Cooperative Federalism

to improve the conditions of doing business?

6. Should there be a number of science and technology missions to propel India

to the ranks of the world’s top knowledge producers?

Overview of Economic Survey 2018

Growth

The real GDP growth for 2017-18 is pegged at 6.75 percent. In its advance

estimates, the government had estimated the growth rate to be 6.5%.

The Economic Survey has predicted 7-7.5% growth rate in 2018-19 which is

close to IMF’s predicted rate for India’s growth of 7.4% for the current fiscal

year.

Nominal GDP growth is estimated at 10.5 percent

Gross Value of Added (GVA) at constant basic prices is estimated at 6.1 % in

2017-18, as compared to 6.6 % in 2016-17.

Growth prediction for ‘Agriculture & allied’ sector, ‘Industry’ sector and

‘Service’ sector for 2017-18 is estimated as 2.1 %, 4.4 % and 8.3 %

respectively



The survey points out that India can be rated as among the best performing

economies in the world as the average growth during last three years is around

4 percentage points higher than global growth and nearly 3 percentage points

higher than that of Emerging Market and Developing Economies (EMDEs).



Macro-economic indicators

Inflation, Current Account Deficit and Fiscal Deficit were all higher than expected

Inflation

Average CPI inflation for the first three quarters has averaged 3.2 % and is

projected to be 3.7 % for the whole year 2017-18.

The Headline inflation was below 4 % for twelve straight months, from

November 2016 to October 2017, crossing 4% mark for the first time in

November 2017, and subsequently posting a rate of 5.2 % in December 2017

At the same time, Underlying inflation has been increasing at a more modest

pace, reaching 4.3% at end-December.



Food inflation in terms of the Consumer Food Price Index (CFPI) declined to

1.2 % during 2017-18 (Apr-Dec) from 5.1 % in 2016-17 (Apr-Dec).

CPI-based core (non-food, non-fuel) inflation also declined to 4.5 % in 2017-

18 (Apr-Dec) from 4.8 % in 2016-17 (Apr-Dec).

Average inflation based on the Wholesale Price Index (WPI) stood at 2.9 %

in 2017-18 (Apr-Dec) as compared to 0.7 % in 2016- 17 (Apr-Dec).

The recent upswing in the rate of inflation was due to rising global oil prices,

unseasonal increases in the prices of fruits and vegetables, and the 7th Pay

Commission housing rent allowances

Current Account Deficit (CAD)

The current account deficit has also widened in 2017-18

CAD averages about 1.5-2 % of GDP for the year as a whole

This current account deficit can be split into a manufacturing trade deficit, oil

and gold deficit, a services deficit, and a remittances deficit

While oil and gold deficit was at a comfortable level, the higher trade deficit

($18 billion) and a reduced services surplus ($37 billion) have caused

deterioration in the economy’s competitiveness.

Despite these issues at hand, the overall external position remains within a

comfortable zone as the current account deficit is well below the threshold

limit of 3 % of GDP beyond which vulnerability emerges.

Fiscal Deficit

The government had pegged the fiscal deficit target at 3.2 percent of Gross

Domestic Product (GDP) for the financial year 2017-18 but as per survey’s

prediction there is a probability of the Centre breaching the fiscal

deficit target given in the Budget Estimates



The Centre’s fiscal deficit figure of Rs. 6.1 lakh crore has already overshot

the budgeted figure of Rs. 5.5 lakh crore, largely because of a shortfall in non-

tax revenue and increase in expenditure due to advancement of budget cycle

In contrast, state governments seem to be proceeding along the path of the

targeted fiscal consolidation – mainly owing to the centre’s guarantee of a

large increase in their indirect tax take, via compensation cess as part of the

GST agreement.



Relation between Government Market Borrowings and

Fiscal Deficit

There have been concerns that fiscal deficits of the general (central and

state) government might be larger than targeted.

But even if this does happen, this does not automatically mean that market

borrowings will be greater than anticipated

According to the survey, market borrowings do not necessarily reflect the

underlying fiscal deficit

This is because in India market borrowings are determined not just by the

fiscal deficits the National Small Savings Fund (NSSF), a distinctive Indian

arrangement.

Under NSSF, the government gets deposits from the public in the form of

various savings schemes which is independent of fiscal deficit induce

borrowings

Flows into NSSF are determined by their attractiveness due to high-interest

rates and tax-free status

Survey has given the identity (Net Market Borrowings = Fiscal Deficit -

NSSF net flows), to explain the abovementioned relationship.

This would mean that if NSSF net flow increases, for any given fiscal

deficit, market borrowings should decline; and vice versa.

Tax Collections

Government measures to curb black money and encourage tax formalization,

including demonetization and the GST, have increased personal income tax

collections substantially from about 2 % of GDP between 2013-14 and 2015-

16 to an estimated 2.3 % of GDP in 2017-18.



The growth in direct tax collections of the Centre kept pace with the previous

year, with a growth of 13.7 %

The budgeted growth for indirect taxes for the full year 2017-18 is 7.6 %; the

actual growth till November is 18.3 %.

The eventual outcome in indirect taxes during this year will depend on the

final settlement of GST accounts between the Centre and the States

Direct tax collections in India is significantly lower than other federal

countries

As a matter of fact, centre’s tax-GDP ratio is no higher than it was in the

1980s, despite a very high growth

Income tax net in India includes only about 59.3 million individual taxpayers

However, there has been a large increase in registered indirect and direct

taxpayers in the demonetization-GST period

There has been an addition of about 1.8 million in individual income tax filers

since November 2016 (post-demonetization)

The roll-out of GST has resulted in a “50% increase in unique indirect

taxpayers under the GST compared with the pre-GST system”. This translates

to a substantial “3.4 million new indirect taxpayers”.





Savings and Investment

Savings

Savings in an economy originate from households, private corporate sector

and public sector in these, the Household sector accounts for the bulk of the

savings.

The data for gross savings is not available beyond 2015-16.

The share of household savings in total savings declined from around 68 % in

2011-12 to 59 % in 2015-16.

Public savings that declined from 1.5 % of GDP in 2011-12 to 0.9 % in 2014-

15, however, increased again in 2015-16 to 1.3 %.

The share of the private corporate sector in the total savings increased from

9.5 % of GDP in 2011-12 to about 12 % of GDP in 2015-16.



Investment

There has been a consistent reduction in investment rate from close to 39 %

in 2011-12 to 33.3 % in 2015-16

The investment rate of the public sector (including general government)

consistently declined from 2011-12 to 2014-15. However, it increased to 7.5

% of GDP in 2015-16.

The share of the private corporate sector in total investment increased from

36 % in 2011-12 to 41 % in 2015-16 and it has become largest sector for

investment in the economy, replacing the household sector.

The investment of household sector declined by nearly 5 percentage points

from 15.9 % of GDP in 2011-12 to 10.9 % of GDP in 2015-16

Trade – Import & Export

The year 2016-17 was characterized by positive growth in exports after two

years of negative growth.

Similarly, imports also saw a positive growth in 2016-17 after three years of

negative growth.

There was a large reduction in imports value between 2012-13 and 2016-17

mainly due to a reduction in value of imports of crude oil and petroleum

products and reduction in gold and silver imports

In 2017-18 (April – December) export growth is estimated to be 12.1 percent

India’s export volume growth is also in a positive territory

Public Expenditure



The total expenditure of the Government increased by 14.9 percent during

2017-18 (Apr-Nov), as compared to 12.6 percent in the same period of the

previous year.

The revenue expenditure grew by 13.1 percent and capital expenditure by

29.3 percent during the first eight months of the current year.

Performance of the Banking sector

The performance of the banking sector, and in particular the Public Sector

Banks, continued to remain poor in the current financial year.

The gross non-performing advances (GNPA) ratio of Scheduled Commercial

Banks increased from 9.6 percent to 10.2 percent between March 2017 and

September 2017.

External Debt

India’s stock of long-term external debt increased by 5.1 percent to US$ 495.7

billion at end-September 2017 from end-March, 2017, primarily due to the

increase in foreign portfolio investment (FPI) included under commercial

borrowings.

Short-term debt grew by 5.4 percent, mainly due to an increase in trade-related

credits.

Share of Government (Sovereign) debt in total debt increased to 21.6 percent

at end- September 2017 from 19.4 percent at end-March 2017

FOREX

India’s foreign exchange reserve was US$ 409.4 billion on December 29,

2017



There was a growth of 14.1 % on a Year-on-Year basis from end-December

2016

The foreign exchange reserves were US$ 413.8 billion on 12th January 2018.

Per-capita Income

The real per capita income (measured in terms of per capita net national

income at constant (2011-12) prices is expected to increase from Rs. 77,803

in 2015-16 to Rs. 86,660 in 2017-18,

This shows an average annual growth rate of 5.5 %.

The nominal per capita income increased from Rs. 94,130 in 2015-16 to Rs.

111,782 in 2017-18.

There was an average annual growth of 9.0 % in nominal per capita income

Other highlights

India’s Balance of Payment situation continues to remain benign

The average value of rupee has appreciated with respect to US$ in 2017-18

with some fluctuations in September and October 2017.

As many of the factors exerting a drag on growth over the past year are

finally easing off, Private investment seems ready to pick up

Sectoral Developments

Agriculture and Allied Sector

The process of development, inter-alia, generally results in a decline in the

share of agriculture in GVA, which is currently happening in India.



The share of agriculture and allied sectors in GVA declined from 18.2

percent in 2012-13 to 16.4 percent in 2017-18 (1st AE).

The agriculture sector has also been witnessing a gradual structural change

in recent years. The share of livestock in GVA of agriculture has been rising

since 2011-12, while that of the crop sector has been declining.

India achieved a record foodgrains production of 275.7 million tonnes

during 2016-17.

According to United States Geological Survey, 2017, India was ranked first,

with 9.6 percent (179.8 Mha) of the global net cropland area.

Hence, there is a tremendous potential in India for crop diversification and to

make farming a sustainable and profitable economic activity.

The All India percentage of net irrigated area to total cropped area was 34.5

percent in 2014-15, which makes a large part of agriculture in India

dependent on rainfall.

Pradhan Mantri Krishi Sinchayee Yojana (PMKSY) is being implemented

in India to boost irrigation

Also as per NSSO report, insurance penetration in agriculture remains very

low. Hence, there is a need to raise awareness about crop insurance among

agricultural households.

In this context, the Pradhan Mantri Fasal Bima Yojana (PMFBY) is being

implemented to increase crop insurance

Industrial Sector

As per the Index of Industrial Production (IIP) (the base year 2011-12), the

industrial output increased by 3.2 percent during April-November 2017-18 in

comparison to the same period in previous year.



This increase was due to growth in electricity generation at 5.2 percent and

growth in mining and manufacturing sectors at 3.0 percent and 3.1 percent

respectively.

The eight Core industries attained a cumulative growth of 3.9 percent during

April-November 2017-18 over the corresponding period of previous year.

These core industries have a total weight of nearly 40 percent in the IIP and

include coal, crude oil, natural gas, petroleum refinery products, fertilizers,

steel, cement and electricity

India has leapt 30 ranks over its previous rank of 130 in the World Bank’s

latest Doing Business Report 2018. Moody’s Investors Service has also raised

India’s rating from the lowest investment grade of Baa3 to Baa2.

This has been made possible due to a host of measures undertaken by the

Government including implementation of GST, Insolvency and Bankruptcy

Code, and announcement of bank recapitalization.

Service Sector

The services sector continued to be the key driver of India’s economic growth

Its share in GVA for 2017-18 was 55.2 % and it is expected to contribute 72.5

of GVA growth in 2017-18

India remained the eighth largest exporter of commercial services in the world

in 2016 (WTO, 2017) with a share of 3.4 percent, which is double the share

of India’s merchandise exports in the world.

India’s services export growth returned to positive territory with 5.7 percent

growth in 2016-17

The tourism sector has performed robustly with 8.8 million Foreign Tourist

Arrivals (FTAs) in 2016. It also continues to be a good source of FOREX

earnings



Outbound tourism has also picked up in recent years

India’s IT industry grew by 8.1 percent in 2016-17. However, as per the RBI

data, software exports contracted by 0.7 percent in 2016-17.

India’s gross expenditure on R&D has been low at just around 1 percent of

GDP. India currently ranks 60th out of 127 on the Global Innovation Index

(GII) 2017

India’s share in global satellite launch services revenue has increased in recent

years with it being a good source of FOREX earnings

Formal Employment

Assessments of the employment challenge are hampered by a lack of timely

data. Centre has authorized the NITI Aayog to provide new guidelines for a

comprehensive survey of employment

Formal employment can be defined in at least two senses. First, when

employers are providing some kind of social security to their employees.

Second, when firms are part of the tax net.

From a social security perspective, formal employment amounts to 6 crores.

If we add an estimated 1.5 crore government workers (excluding defence) to

this, final figure for formal employment comes out to be a total of 7.5 crores.

According to the 68th Round (2011) of the NSSO Employment-

Unemployment Survey, the non-agricultural workforce is estimated at 24

crores

Formal employment under this definition is equivalent to 31 percent of the

non-agricultural workforce.

From a tax perspective, formal employment is 11.2 crores; adding government

employment yields a total count of 12.7 crores.



This implies that nearly 54 percent of the non-agricultural workforce is in the

formal sector.

Demonetization and GST effect

According to the Survey, the demonetization and GST effects on the economy

are receding

On demonetization specifically, the cash-to- GDP ratio has stabilized,

suggesting a return to equilibrium. Since about June 2017 the trend in

currency is identical to that pre-demonetization

As per survey, revenue collection under the GST is doing well and the GST

promises to be a buoyant source of future revenues.

Rise in crude oil price

Commodity prices increased smartly in 2017, led by petroleum, whose price

rose by 16 percent to reach $61 per barrel by the end of the year.

Average crude oil (Indian basket) prices have risen by around 14 % so far in

2017-18 (mid January 2018) vis-à-vis 2016-17.

As per IMF forecast, average oil prices are estimated to be about 12 % higher

in 2018-19

Persistently high oil prices (at current levels) remain a key risk.

They could cause macroeconomic vulnerability in India, affecting inflation,

the current account, the fiscal position and growth.

Global Outlook

According to the International Monetary Fund (IMF), the global

economy is experiencing recovery. Although rebounding, global

growth is still well below levels reached in the 2000s.



In 2017, roughly three-quarters of countries experienced

improvements in their growth rates

As per the latest World Economic Outlook (WEO) of the IMF, global

GDP growth rate was 3.6 % in 2017. The forecast for 2018 has been

upgraded by 0.2 percentage points to 3.9 %.

The reason behind the global recovery was growth in the volume of

trade in goods and services in 2017 and commodity producers such as

Russia, Brazil, and Saudi Arabia, have benefitted from the upswing in

demand.

Despite growth and recovery, the monetary policy in advanced

countries remains stimulative with low-interest rates due to low

inflation persisting in these countries.

The acceleration of global growth and recovery seems poised to provide

a solid boost to export demand in India.

Physical Infrastructure

India will need about USD 4.5 trillion in the next 25 years for infrastructure

development, of which it will be able to garner about USD 3.9 trillion

There was massive underinvestment in the sector owing to collapse of Public

Private Partnership (PPP) especially in power and telecom projects, stressed

balance sheet of private companies and issues related to land & forest

clearances

Survey emphasized on the need to fill the infrastructure investment gap by

financing from private investment, institutions dedicated to infrastructure

financing like AIIB, NDB etc.

Roads



Government is focused at building new National Highways (NHs) and also

converting State Highways into National Highways

As of September 2017, the length of roadways comprises 115,530 km

of NHs along with 1,76,166 km of state highways and 53,26,166 km of other

roads.

To expedite completion of delayed projects, various steps have been taken for

streamlining of land acquisition & environment clearances.

The survey has placed special emphasis on ‘Bharatmala Pariyojana’ for a

holistic highway development.

Railways

The pace of commissioning Broad Gauge (BG) lines and completion of

electrification has been accelerated.

425 Km of metro rail systems are operational and about 684 km are under

construction in various cities across India as on December 2017.

Ports

There was a slight increase in cargo traffic handled at major ports in 2017-18

over 2016-17

Under the Sagarmala Programme, multiple projects worth Rs. 2.17 lakh crore

are under various stages of implementation

Telecom

The programmes including ‘Bharat Net’ and ‘Digital India’ aim at converting

India into a digital economy.

At the end of September 2017, the number of telecom services subscribers

stood at 1207 million



502 million connections were in the rural areas and

705 million connections were in the urban areas.

Civil Aviation

In April–September 2017 there was a growth of16 per cent in passenger

traffic of domestic airlines over the corresponding period of previous year.

Government is taking

Government is taking initiatives like liberalization of air services, airport

development and regional connectivity through UDAN scheme.

Power

All-India installed power generation capacity reached 330,861 MW as on

November 30, 2017.

The Ujjawal DISCOM Assurance Yojana (UDAY) has focused on enhancing

the financial health of DISCOMs

A new scheme, Saubhagya (Pradhan Mantri Sahaj Bijli Har Ghar Yojana),

was launched in September 2017 to ensure electrification of all remaining

willing households in the country in rural and urban areas.

Social Infrastructure

Expenditure on social infrastructure

The all India expenditure on social services as a percentage of GDP has

increased from 5.8 percent in 2015-16 to 6.6 percent in 2017-18 (BE).

The expenditure on social services as a percentage of GSDP for 29 States also

indicates an upward trend from 6 percent to 6.9 percent during the three years

(i.e. from 2014-15 to 2016-17(BE)).



Education

Most of the States have registered an increase in the percentage of schools

complying with the PTR (Pupil Teacher Ratio) norms as per Right to

Education (RTE).

The GPI (Gender Parity Index) reflects disparity of girls vis-a-vis boys in

access to education

Programmes like Beti Padhao, Beti Bachao, have helped in the improvement

of GPI at the primary and secondary levels of enrolment.

However, in higher education, gender disparities still prevail in enrolment

Health

The report ‘India: Health of the Nation’s States’, 2017 has for the first time

provided a comprehensive set of findings on the distribution of diseases and

risk factors across all States of the country from 1990 to 2016.

Of the total disease burden in India, 33 percent was due to communicable,

maternal, neonatal, and nutritional diseases

The contribution of non-communicable diseases has increased from 30

percent of the total disease burden in 1990 to 55 percent in 2016

Around 5 percent of health loss is attributable to unsafe water, sanitation etc.

which the government is trying to address through the Swachh Bharat Mission

(SBM).

As per baseline survey conducted by Ministry of Drinking Water &

Sanitation, 55 crore persons were defecating in open in October 2014, which

declined to 25 crores in January 2018

Sustainable Development, Energy and Climate Change

Sustainable Development Goals



India presented its first Voluntary National Review (VNR) on the

implementation of SDGs on 19th July 2017 at the High-Level Political

Forum on Sustainable Development (HLPF) at United Nations, New York.

The VNR report is based on an analysis of progress under various

programmes and initiatives in the country.

Urban India and Sustainable Development

The SDG 11 states “make cities inclusive, safe, resilient and sustainable”.

To achieve this target it is important to ensure the provision of public services

by the cities to its residents. However, cost remains a huge barrier in this

context

Therefore, Survey recommends encouraging the ULBs to raise resources

through various innovative financial instruments such as municipal bonds,

PPPs, credit risk guarantees, etc.

Access to Sustainable Energy

A large number of people in India still lack access to clean cooking fuels

The government of India had launched “Pradhan Mantri Ujjwala Yojana”

(PMUY) in May, 201.

Another scheme “Ujjwala Plus” has been introduced for cooking needs of

deprived people who are not covered under the Socio-Economic Caste Census

(SECC) 2011

During 2016-17, 3.25 crore new LPG connections were released that includes

2 crore connections released under PMUY.

The government of India is committed to provide 24X7 reliable and quality

power supply to all its consumers by 2019.



In this context, Deen Dayal Upadhyaya Gram Jyoti Yojana (DDUGJY)

scheme and Saubhagya Scheme have been introduced to fulfil this objective

Out of 18.1 crores rural household in the country, 14.2 crores (78%) rural

households have been electrified (as on January 16, 2018).

Out of the total installed capacity of electricity in India, around 18 percent was

from renewable energy sources (as on November 30, 2017).

International Solar Alliance (ISA) entered into force on December 6, 2017.

India and Climate Change

At the 23rd session of the Conference of Parties to the UNFCCC (COP 23),

the Parties advanced the work programme under Paris Agreement.

Important takeaways for India from COP 23 have been that the agenda of pre-

2020 climate change commitments and implementation has found a

significant place in COP 23 outcome in the form of a decision with steps for

future action on pre-2020 action and ambition

Science and Technology

For the first time, Economic Survey has included a chapter on Science and

Technology

Survey has pointed out that India under-spends on research and development

(R&D), even relative to its level of development.

Survey has recommended a doubling of R&D spending. However, much of

this increase should come from the private sector and universities

It is also important for India to gradually move from net consumer to net

producer of knowledge

Survey has also recommended that India should leverage artificial

intelligence, blockchain for future growth



Ease of Doing Business

India moved up 30 places from previous year to break into the top 100 of

EODB for the first time in the World Bank’s Ease of Doing Business Report

(EODB), 2018.

It was result of widespread reforms by government

The survey mentions the next frontier on the ease of doing business is

addressing pendency, delays and backlogs in the appellate and judicial arenas.

Survey has recommended dedicated benches at high courts for tax disputes

Cooperation between government and judiciary is of paramount importance

to address “Law’s delay” and to boost economic activity.

Gender

Survey has pointed out that Indian society exhibits strong son “Meta”

Preference. Parents continue to have children until they get the desired number

of sons, resulting in skewed sex ratios

The skewed sex ratio in favour of males led to the identification of “missing”

women.

Survey points out India’s performance improved on 14 out of 17 indicators of

women’s agency, attitudes, and outcomes.

On 7 of them, the improvement has been such that India’s situation is

comparable to that of a cohort of countries after accounting for levels of

development.

In India, the gender gap in labour force participation rate is more than 50

percentage points

Survey places special emphasis on programmes such as Beti Bachao, Beti

Padhao and Sukanya Samridhi Yojana schemes, and mandatory maternity

leave rules for gender empowerment



Related concepts:

Headline Inflation - It gives a measure of the total inflation within an economy,

including commodities such as food and energy prices (e.g., oil and gas), and tend

to be much more volatile and prone to inflationary spikes.

Core Inflation - Core inflation is thought to be an indicator of underlying long-

term inflation. Core inflation excludes food and energy prices.

International Solar Alliance (ISA) - ISA is a coalition of solar resource-rich

countries that fall fully or partially between the Tropics of Cancer and Capricorn and

aims to meet their energy needs by harnessing solar energy. ISA was launched by

Shri Narendra Modi, Hon’ble Prime Minister of India and Mr. François Hollande,

former President of France on November 30, 2015 in Paris. ISA is also the first

International inter-governmental treaty-based organization headquartered in India.


Documents

Economic Survey Overview 2017-18 - NeoStencil · 2018-10-05 · Until 1964, it was presented along with the Union Budget. However, from 1964 0nwards, it has been presented separately,