Finance minister Arun Jaitley will table the Economic Survey 2015-16 in Parliament on Friday.
The survey will likely forecast that India’s GDP growth for next year (2016-17) will be above 8%.Jaitley is also likely to enhance bank recapitalisation from Rs 25,000 crore to Rs 30,000 crore. This comes in the background of news that 29 state-owned banks have written off a total of Rs 1.14 lakh crore of bad debts between financial years 2013 and 2015.
The Economic Survey is the Finance Ministry’s view on the annual economic development of the country that will impact the budget decisions.
A flagship annual document of the Ministry of Finance, Economic Survey reviews the developments in the economy over the previous 12 months, summarizes the performance on major development programs, and highlights the policy initiatives of the government and the prospects of the economy in the short to medium term.
Last year, the Economic Survey coined JAM (Jan Dhan, Aadhar and Mobile) to describe the Narendra Modi-led government’s policy philosophy.
The benchmark Sensex reclaimed the 23,000-mark as it rebounded by over 251 points in early trade today, spurred by buying by funds and retail investors ahead of release of the Economic Survey later in the day.
The beginning of the March series in derivatives contracts and positive global cues kept mood upbeat.
The 30-share index recaptured the crucial 23,000-mark by surging 251.91 points, or 1.09 per cent, to 23,227.91, with all sectoral indices led by capital goods, auto and power trading in the green and rising by up to 1.76 per cent.
The gauge had lost 813 points in the previous three sessions.