Survey sees slow GDP growth of 6.5% in FY17

India’s economic growth is likely to dip to 6.5 per cent this fiscal after shock demonetisation shaved off a good 0.5 percentage points but it will rebound to 6.75-7.5 per cent in the next financial year, Economic Survey said today, calling for bold cut in tax rates.

The pre-Budget pointer called for cut not just in individual income tax rates and a timetable for reducing the corporate taxes but also for widening the net to progressively encompass “all high incomes”.

Though the Survey did not indicate what it meant by all high incomes, the reference may be to agriculture income which is currently out of the tax net.