Economic Survey

Economic survey of India is a review document of the annual economic development of the country. It is basically the finance ministry’s view on overall economic development. This document will go under the name of Chief Economic Adviser Arvind Subramanium. The Economic survey is an instrument that assists in designing a Budget for the economy. There are a few changes that budget 2018-19 brings in for the following sectors.
  • The central government plans to raise the expenditure in the agriculture sector and rural areas which increases disposable income in the hands of common man.
  • It would benefit the makers of consumer goods such as HUL, Dabur, Godrej, Havells, TVS Motor and Bajaj Automobiles.
  • The steps announced in the budget will help attract the large corporates to invest in food processing.
  • The Budget is largely positive for FMCG, proactive efforts to drive demand and increase growth.
Consumer Durables
  • Increase custom duty on a range of products from fruit juice to mobile phones.
  • When it comes to electronic goods consumers often prefer something of export quality. Budget 2018-19 can be a good opportunity for domestic electronic companies but not for foreign electronic products.
  • Eventually, increase in the custom duties will increase the burden on consumer and discourage imports.
  • The aim is to discourage imports and encourage make in India programme.
  • The price hike will surely make a difference in demand for foreign products like smartphones and laptops but the consumers will be willing to pay the price for the product or service they wish for.
  • For instance, someone who is a fan of I-phones will surely not settle for a domestic brand.
  • Thus this step can be affirmative but not fully since it won’t be able to make a drastic change or contribute much to make in India programme.
Overall the budget has stayed the government course of driving economic growth while trying to curtail the rise in fiscal deficit and inflation.
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