The Chief Economic Adviser (CEA) Arvind Subramanian has argued that the forecasted India’s Gross Domestic Product (GDP) growth rate of 7 to 7.5 percent for the next fiscal year starting April 1, 2018, in the Economic Survey report 2017-18 is based on certain assumptions made with regards to crude oil prices . He noted that the growth forecasts could fluctuate in either direction, based on oil prices during the year.
Subramanian has stated that this year, oil prices went up significantly and affected consumption and government finances and also held back real economic activity. He pointed out that if this continues, economic growth will drop, and inflation will spike in the coming quarters. Adding further, he claimed that the current story of the Indian economy is one of ‘revival and risks’, and noted that market trading was symbolic of this. He also mentioned that major achievements this year gone are the launch of the Goods and Services Tax (GST) regime, decisive tackling of Twin Balance Sheet (TBS) challenge and validation of achievements and recognition of medium-term prospects.
Talking about the growing gender gap in the country, CEA said that there is a necessity for a mindset change regarding the preference of male over female children. He noted that their research showed that even if there is no selective sex abortion taking place, there still lies a deep preference for male children, which is the result of an age-old mindset. He added that the government has been promoting several schemes such as the 'Beti Bachao, Beti Padhao' scheme.