India 2018

Finance 225
Schemes for the Development of Scheduled Castes and Scheduled Tribes
From financial year 2005-06, a separate Statement on the schemes for the welfare
of Scheduled Castes (SCs) and Scheduled Tribes (STs) was introduced in the
Budget document. From the financial year 2011-12 this statement is focused
only on Plan schemes under 'Scheduled Castes Sub Plan' and 'Tribal Sub Plan'
exclusively for Scheduled Castes and Scheduled Tribes welfare schemes
respectively. It shows year-wise budget Estimates and Revised Estimates of
current year and Budget Estimates of next financial year. From the Financial
year 2011-12, the erstwhile Planning Commission is making separate allocations
for SCSP and TSP as part of the Plan allocations.
Economic Growth
India recorded a growth of 7.1 per cent in 2016-17, highest among the major
economies in the world, despite the sluggish global economic situation. The
economic growth was comparatively higher at 8.0 per cent in 2015-16 and 7.5
per cent in 2014-15. The growth of Gross Value Added (GVA) for the economy
was 6.6 per cent in 2016-17, as compared to a growth of 7.9 per cent in 2015-16.
At the sectoral level, the growth rate of GVA at constant (2011-12) basic prices
for agriculture and allied sectors, industry and services sectors for the year
2016-17 were 4.9 per cent, 5.6 per cent and 7.7 per cent respectively. The
corresponding growth rates during 2015-16 were 0.7 per cent, 8.8 per cent and
9.7 per cent respectively. The quarterly estimates shows the growth of GDP at
constant (2011-12) prices for the first quarter (April-June) of 2017-18 was 5.7
per cent as compared to the growth of 7.9 per cent in the corresponding quarter
of the previous year.
On the demand side, India's growth has been mainly consumption-driven.
The share of final consumption in GDP in 2016-17 was 70.4 per cent, as compared
to 68.3 per cent in 2015-16. The saving rate (gross saving to GDP) for the year
2015-16 was 32.2 per cent as compared to 32.9 per cent and 32.1 per cent in
2014-15 and 2013-14 respectively. The investment rate (gross capital formation
to GDP) in 2015-16 was 33.2 per cent as compared to 34.2 per cent and 33.7 per
cent in 2014-15 and 2013-14 respectively.
The Government's systematic focus on economic growth and macroeconomic
stability and good monsoon make the growth outlook optimistic. The
introduction of the Goods and Services Tax (GST) has provided a significant
opportunity to improve growth momentum by removing barriers to trade,
business and related economic activities.
Public Debt
Public debt includes: (a) internal debt comprising borrowings inside the country
like market loans, compensations and other bonds, treasury bills issued to
finance state governments, commercial banks and other parties as well as nonnegotiable
non-interest bearing rupee securities issued to the international
financial institutions; and (b) external debt comprising loans from foreign