Economic Survey 2016-2017 Crux for IAS Exam: The Review of GDP

The IAS aspirants should not ignore such study materials for IAS Prelims Exam and IAS Mains Exam. The Economic Survey is very lengthy and quite exhaustive to read and understand. Here, for the convenience of the IAS aspirants, we are providing the crux of every chapter given in the Economic Survey 2016-17.

Economic Survey 2016-17 Questions for IAS Prelims: Review of Economic Development

The Review of GDP of the Indian Economy

  • The previous year’s Economic Survey 2015-16 had predicted that the Indian economy will achieve the growth rate in the range of 7 to 7.75 percent during the financial year 2016-17.
  • As per the estimates released by CSO, the economy has accelerated as per the expectations and registered the growth of 7.2 percent in the first half of the financial year 2016-17.
  • Earlier, it was speculated that the Indian economy will experience a slowdown in the growth rate that could be lower than the CSO’s first advance estimates due to the huge demonetisation drive in which the higher currency notes of Rs. 500 and Rs. 1000 were wiped out from the circulation in the economy.
  • The first advance estimate came in early January 2017 which does not reflect the effects of demonetisation because the available data for the estimates were of the period before the demonetisation taken place.
  • As per the first advance estimate (AE), the growth rate of gross value added (GVA) at constant basic prices for 2016-17 is placed at 7.0 per cent, as against 7.2 per cent in 2015-16.
  • The growth in the second half of 2016-17 is estimated at 6.7 per cent as against 7.2 per cent in the first half (Figure 1).
     

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