Climate Change May Cut Farm Income By 20-25%, Says Economic Survey

Since agriculture is a state subject and an open political economy question, the Economic Survey strongly advocated a mechanism similar to the GST Council to bring more reforms in the agriculture sector and boost farmers income.

"The new Indian Bankruptcy Code has provided a resolution framework that will help corporates clean up their balance sheets and reduce their debts," it said.

Prime Minister Narendra Modi's government will be trying to woo back rural voters and small businesses when it announces the 2018/19 budget on Thursday and pick up economic momentum as it heads into a season of elections, officials said.

The Centre may dole out incentives to promote electric vehicles in the country by considering lower GST and extending tax benefit for buyers in this week's Budget for 2018-19, say sources. The announcement is expected in view of the government's aim to have 100 per cent electric vehicles for public mobility and 40 per cent for personal mobility by 2030.

Ahead of the Union Budget, corporate America has urged Finance Minister Arun Jaitley for further reduction in tax uncertainty for multinational companies and institutional investors, a step which it said would help attract more foreign direct investments to India

At present, the GST has four rates of 5 per cent, 12 per cent, 18 per cent and 28 per cent.