New Delhi, Jan 30: The Economic Survey tabled in Parliament on Monday indicated that the main focus in Union Budget will be on agriculture, education and employment. Also Read - Finance Act 2018 Clarifies Applicability of Standard Deduction For Pensioners
The survey said that the Union government will focus on employment generation, enhancing education and improving the income and standard of living of the farming community. On the other hand, the survey expressed concerns over rising crude oil prices– which might have an impact on inflation. This means the interest rates could be lowered. (Also read: Budget 2018-19: Income Tax Exemption Limit May be Increased to Rs 3 Lakh) Also Read - List of Things That Will be More Expensive From April 1, 2018
The economic survey further said the crude prices were expected to rise by 12 percent. The prices of crude oil per barrel can reach $80. Also Read - Armed Forces Facing Shortage of 52,000 Soldiers, Army's 21,000 Posts Vacant: Govt
The survey further said that India’s economy will grow by 7-7.5 percent in 2019. The economic growth in 2018 could be 6.75 percent. Growth in service sector could be 8.3 percent. Agricultural growth is expected to be 2.1 percent and industry growth rate could be 4.4 percent.
There has been a large increase in registered indirect and direct taxpayers. A 50 percent increase in unique indirect taxpayers under the GST compared with the pre-GST system. Similarly, there has been an addition (over and above trend growth) of about 1.8 million in individual income tax filers since November 2016. The survey said that due to climate change income of the farmers might decrease by 20-25 percent.