Budget 2016: Key highlights from Economic Survey tabled by Arun Jaitley in Parliament

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• The Economic Survey for 2015-16 was tabled in Parliament by Union Finance Minister Arun Jaitley on Friday.

• Economic Survey predicts India\'s long run potential GDP growth to be between 8 per cent to 10 per cent.

The Economic Survey for 2015-16 was tabled in Parliament by Union Finance Minister Arun Jaitley on Friday. It is the Finance Ministry's view on the annual economic development of the country that presents a broad idea on the macroeconomic data, which further impacts key budget decisions.

The survey, a flagship annual document of the Ministry of Finance, reviews the developments in the economy over the previous 12 months, which summarises the performance of major development programmes, and highlights the policy initiatives of the government and the prospects of the economy in the short to medium term.

Two days before Union Budget 2016-17, Chief Economic Advisor Arvind Subramanian presented his second Economic Budget on Friday.

Arun Jaitley's meeting with the economists just two days ahead of the Budget, which had generated a lot of curiosity, has been cancelled.

A government spokesperson had earlier stated: "CEA may brief the participants about the economic situation both global and domestic and may also brief about the economic analysis of micro and macro-economic situation made in the Economic Survey 2015-16 and the likely state of economy in the coming year and the steps to deal with the same"

Below are some key points announced by Jaitley:

-Growth in Industry is estimated to have accelerated during the current year.

-Current Account Deficit as a proportion of GDP likely to be in the low range of 1 to 1.5 per cent.

-Growth in the services sector moderated slightly but remains robust.

-Economic Survey predicts India's long run potential GDP growth to be between 8 per cent to 10 per cent.

-Economic Survey says Fiscal Deficit target for 2015-16 of 3.9 per cent "seems achievable".

-Low impact of seventh Pay Commission on inflation.

-India must plan for major currency re-adjustment in Asia.

-Tax base should widen to over 20 per cent from the current 5.5 per cent.

-Higher property tax rates to check realty speculation.

-Reasonable taxation needed on farm, realty income.

-Need to phase out tax exemptions # FY17 expected to be challenging on the fiscal front.

-India needs to focus on supplies for food security.

-Current RBI policy rate seems neutral.

-FY16 subsidy bill seen below 2 per cent of GDP.

-8 per cent growth possible in a couple of years.

-Global demand to hit growth in near term.

-Foreign demand seems weak.

-April-January trade gap Rs 106.8 billion # FY17 expected to be challenging.

-India stable amid gloomy global markets.

With ANI inputs