The Survey, tabled by finance minister Arun Jaitley, underlined the need for more reforms. The growth rate expected by the Survey is lower than the 7.1 per cent forecast by the Central Statistics Office earlier this month. These include ambivalence about property rights and the private sector, deficiencies in state capacity, especially in delivering essential services and inefficient redistribution. The Survey also said government pay rises and muted tax receipts could put pressure on the fiscal deficit in the coming fiscal year. The Survey knocked down a widely-touted proposal to introduce a so-called Universal Basic Income, saying it would cost between four and five per cent of GDP.

Source: The Telegraph January 31, 2017 08:44 UTC