As per latest Economic Outlook Survey by Federation of Indian Chambers of Commerce and Industry (FICCI), Indian Economy is expected to grow at 7.4% for the fiscal year 2017-18. The survey has also mentioned minimum level of 7.0% and maximum level of 7.6%.
- This survey was conducted during March and April 2017.
Highlights of FICCI’s Economic Outlook Survey:
- Services sector is expected to grow by 4% in 2017-18.
- Industry is expected to grow by 9% in 2017-18.
- Agriculture sector is estimated to clock 5% growth.
- For FY 2017-18, average growth in IIP has been forecasted at 0%. However, extreme range has been mentioned as 1.5% minimum and 6.8% maximum.
- Wholesale Price Inflation (WPI) has been projected at 5% with a minimum and maximum range of 3.6% and 5.9% respectively.
- Consumer Price Inflation (CPI) has been projected at 8% with a minimum and maximum level of 4% and 5.3% respectively.
- Protectionist trade policies adopted by Western countries have been identified as a major challenge.
- The survey highlighted that strong macroeconomic fundamentals of Indian economy helped in absorbing the impact of sudden demonetization move.
- Economists participating in the survey were hopeful that on completion of remonetisation process, the consumption patterns will be restored.
- Indian Meteorological Department’s latest report which has forecasted adequate and timely arrival of monsoon has created a positive sentiment which was earlier dampened by reports of El Nino.
- As a measure to reduce poverty, majority of the economists vouched for aUniversal Basic Income (UBI) aimed at guaranteeing minimum basic financial support to the Indian citizens.
Quick Facts about Federation of Indian Chambers of Commerce and Industry (FICCI):
- Formation Year: 1927
- Headquarters: New Delhi
- Organisation Type: Non-Government Trade Association
- Current President: Pankaj Patel