New Delhi, July 5, 2017

House session to begin on July 17

In a departure from the past, the government will present a mid-term Economic Survey in Parliament in the Monsoon Session that is set to begin on July 17. The survey will present a detailed analysis of demonetisation and its impact on the country’s economic growth.

Besides, it will also give an assessment of farm loan waiver, and its impact in the short and long terms. The earlier economic growth figures are also likely to be revised in the survey, which will assess the inflation situation in the past eight months since demonetisation.

The Economic Survey which was presented in Parliament on January 31 could not capture the full impact of demonetisation. It had only briefly touched upon the ban of high value currency notes.

Chief Economic Adviser Arvind Subramanian had then promised to bring out the second part of the survey, with a detailed analysis of note ban and its aftermath.

Sources said the survey (2016-17) may be presented around July 21.

A unique feature of the survey would be presentation of income tax data since independence, to better capture growth and distribution of incomes. India published such data till 2000, after which it halted. In the absence of such a data, it is difficult to analyse how income tax operated in the high growth years post 2000, and how top income groups did compared with GDP growth. While other democratic countries publish such a data, China does not.

[The Deccan Herald]