The Indian economy is expected to expand at 7-7.5% in the next financial year, 2018-19, the Economic Survey 2017-18, presented by finance minister Arun Jaitley in Parliament on the first day of the Budget session, said. The Survey, authored by chief economic adviser in the finance ministry Arvind Subramanian, said the economy is likely to grow at 6.75% in 2017-18 against 6.5% estimated by the Central Statistics Office (CSO). The Survey said the major risk to India’s growth story next fiscal could emanate from rise in crude oil prices in the international market. “However, with world growth likely to witness moderate improvement in 2018, expectation of greater stability in GST, likely recovery in investment levels, and ongoing structural reforms, among others, should be supporting higher growth,” it added. The Survey also cautioned the government to remain vigilant for possible sharp correction in elevated stock prices, provoking a “sudden stall” in capital flows.

Source: Hindustan Times January 29, 2018 07:25 UTC