New Delhi, Feb 26 (KNN) Ahead of the Union Budget, Finance Minister Arun Jaitley tabled the Economic Survey 2015-16 in Parliament today. Here are the highlights of the Survey:
 

• Industry has shown significant improvement primarily due to the acceleration in manufacturing growth
• Informal sector has created jobs and keeping unemployment low
• India’s economic growth for 2016-17 seen between 7.0 to 7.75 per cent
• Fiscal deficit target of 3.9% seen achievable
• Recognition, Recapitalization, Resolution, & Reform needed to resolve Twin Balance Sheet challenge of PSBs & corporate firms
• Foreign exchange reserves have risen to US $ 349.6 (Jan-2016)
• Growth in the services sector moderated slightly, but still remains robust
• According to IMF Fiscal deficit is expected to decline from 4.2 % of GDP in 2014-15 to 4.0 % of GDP in 2015-16
• Inflation rates have been falling & the Survey states that confidence in price stability has improved
• Increase in wages under 7th pay commission are unlikely to destabilize prices & will have little impact on inflation
• Current Account Deficit has declined and foreign exchange reserves have risen to US$ 351.5 billion in early Feb,16
• Survey expects continued good performance by Industrial,Corporate & Infrastructure Sectors due to recent reforms
• Several initiatives taken would help transforming Infrastructure Sector
• Percentage Share of Horticulture Output in Agriculture is more than 33 %
• LPG witnessed the world’s largest direct benefit transfer through the game-changing JAM (Jan Dhan Aadhaar Mobile)
• Expect RBI to meet 5% inflation target by March

(KNN Bureau)