30 January 2018 Current Affairs: The Economic Survey, an annual publication of the Finance Ministry, is presented in both houses of Parliament during the Budget Session. It is a review of the developments in the country's economy over the previous one year.
Sticking to the practice started last year, finance minister Arun Jaitley will present Union Budget 2018 on 1 February.
It presents a summary of the performance of the government's major development programmes undertaken during that period.
It also details the main policy initiatives of the government.
The Survey sees FY19 GDP growing 7-7.5% vs 6.75% in FY18.
The Due to higher expected increase in imports, net exports of goods and services are slated to decline in 2017-18.
The Exports biggest source of the boost to growth.
It points out that the GDP growth has averaged 7.3% for the period from 2014-15 to 2017-18, which is the highest among the major economies of the world.
Demonetisation helped share of financial saving to rise.
The ratio of domestic saving to GDP reached 29.2 percent in 2013 to a peak of 38.3 percent in 2007, before falling back to 29 percent in 2016.
The Sanitation coverage in rural India increased substantially from 39 percent in 2014 to 76 percent in January 2018. With the launch of Swachh Bharat Mission (Gramin) on October 2, 2014, the sanitation coverage in rural India increased substantially.
So far, 296 districts and 307,349 villages all over India have been declared Open Defecation Free (ODF).
India is gradually improving its performance in Science and Technology. In 2013, India ranked 6th in the world in scientific publications. Its ranking has been increasing consistently. The growth of annual publications between 2009 to 2014 was almost 14%. This increased India's share in global publications from 3.1% in 2009 to 4.4% in 2014 as per the Scopus Database.
The foreign exchange reserves grew by 14.1% on a year-on-year basis from the end of Dec 2016 to end of Dec 2017.
The forex reserves as per 2016-17 were estimated at USD 370 billion. It grew to USD 409.4 billion in 2017-18.
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