The chapter gives an overview of Indian economy in the light of major reforms undertaken during last year as well as the preceding year. It analyses the global growth prospects and the inherent risks thereto. Under outlook for Indian economy, it analyses the factors which could push it ahead in FY 2018.
During the past year, the government has undertaken some major reforms. These include launch of GST, actions taken to address Twin Balance Sheet (TBS) challenge, resolution framework under Indian Bankruptcy Code (IBC), and a recapitalization package (about 1.2 percent of GDP) to strengthen the balance sheets of the public sector banks (PSBs).