Endorsing the optimistic GDP growth outlook highlighted in the economic survey, Bibek Debroy chairman of the Economic Advisory Council to the Prime Minister (EAC-PM) has said that the survey is a reflection of government's commitment to growth and development. He also praised the government’s emphasis on women's empowerment, terming it as a ‘welcome step’.
As per the economic survey estimates, FY18 GDP growth will be at 6.75% and FY19 GDP growth will be between 7 and 7.5%, but Debroy expects that the real GDP growth will be close to 7.5% in FY19 rather than 7%. Besides, he said that the government is committed to fiscal consolidation and prudent public expenditure and suggested that public expenditure can also financed through off-Budget instruments. He noted that it is rightly mentioned that growth drivers will have to fundamentally emerge through exports, private investments and consumption.
He further said that the survey is also optimistic in its tone, due to government's commitment to carry forward structural reforms like Goods and Services Tax (GST), deregulation measures, bank re-capitalization and resolution through the Insolvency and Bankruptcy Code (IBC) process. He also said the survey has highlighted that demonetisation was only a blip that did not last beyond mid-2017.