5.4 Million Taxpayers Increased In Country After Ban Closure: Chief Economic Advisor

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Chief Economic Advisor (CEA) Arvind Subramanian said that after the ban, 5.4 lakh new people in the country have tax. Applying GST for economic reform is a shocking step for politics, admission and technology. Subramaniam was speaking on Friday at the Economic Survey 2016-17 in Delhi. On the other hand, Finance Minister Arun Jaitley presented the second volume of Economic Survey 2016-17 in the Lok Sabha.

Debt waiver will reduce inflation :

Chief Economic Advisor further said, “The Center will not reduce the limits of the amount to be lent to states.” This will reduce the cost of loan waiver states and tax collection will increase. Waiver of farmers’ loans will reduce dearness. Continuous monitoring of inflation could not go much beyond the inflation rate target by the end of March.

Introducing 6 Monthly Economic Survey :

On the other hand, Arun Jaitley presented the second volume of Economic Survey 2016-17 in the Lok Sabha. The government has done this survey report on the growth of economy in the last 6 months and the next six months. The government has said that growth will increase after the ban on bondage.

According to the survey, the financial year 2017-18 is estimated to be GDP 6.75 to 7.5%. The inflation rate (Consumer Price Index) can be below 4% by March next year. – Repo rate is 0.25 to 0.75% more than the neutral rate, considering that there is scope for cut in repo rate. This can reduce the interest rate. Loan growth of private banks is stronger than public sector banks.

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