For the 2017-18 fiscal, beginning on April 1, it put the real GDP growth at 6.75 per cent to 7.5 per cent rage. “Even under this forecast, India would remain the fastest growing major economy in the world.”
The forecast however had downside risks in the extent to which the effects of demonetisation could linger into next financial year, especially if uncertainty remains on the policy response.
“Currency shortages also affect supplies of certain agricultural products, especially milk (where procurement has been low), sugar (where cane availability and drought in the southern states will restrict production), and potatoes and onions (where sowings have been low),” the Survey said, asking the government to be vigilant on prevent other agricultural products becoming what pulses was in 2015-16.
It also listed surge in global oil prices and possible eruption of trade tensions amongst the major countries as other risks.
From Agencies, Featured image courtesy agr
