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Services exports grew at 16.2% during Apr-Sept: Economic Survey

Services exports grew at 16.2% during Apr-Sept: Economic Survey

CII Director General Chandrajit Banerjee said in New Delhi that the Survey provides new ideas for building a positive momentum for growth in the coming year and for faster growth thereafter.

"Therefore, adjusting the base for double and triple counting, the GST has increased the number of unique indirect taxpayers by more than 50 percent -a substantial 3.4 million", it said.

Edited excerpts: What should be the action points for the government in the coming fiscal year?

The Economic Survey 2017-18, released Monday, has indicated demonetisation in 2016 helped boost aggregate household savings which found their way to the markets.

The survey underlined that the economy began to accelerate in the second half of the year and can clock 6.75 percent growth this fiscal due to the launch of transformational Goods and Services Tax reform July 1, 2017, and the new Indian Bankruptcy Code, which resolves the long-festering Twin Balance Sheet issue by now sending major stressed companies for resolution under the new code.

The comprehensive annual document on the Indian economy, which was tabled on Monday in the Parliament by Finance Minister Arun Jaitley, said that country's economic growth is expected to grow between 7 and 7.5% in the fiscal year 2019, while flagging concerns over rising crude oil price.

Syrian opposition to announce Sochi decision Saturday
The senior Syrian negotiator also blasted Jordan for opening "its territories for foreign terrorists" and becoming "a haven for training camps" for them.

Measures to drive investments and exports will not only revive growth but also create large scale employment opportunities, it added.

While the growth of Service Sector as a whole is expected to be at 8.3 per cent in 2017-18, the growth in Services exports was 16.2 per cent in H1 of 2017-18. The central government is trying to further push the sector through initiatives such as Startup India, the survey noted.

Subramanian also told Arup Roychoudhury and Indivjal Dhasmana in an exclusive interaction he saw a three-rate goods and services tax in the next three years. So I think we need to watch oil prices very carefully. Just as the clothing sector has seen higher exports on the back of incentive package, we hope that the government extends similar incentives to other sectors as well, the release further said.

Large increase in voluntary registrations under GST, especially of small enterprises has led to greater formalization of the economy.

Here are the five main tax predictions made in Economic Survey 2018.

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