Whether consumption bounces back depends on global oil prices: Subramanian

He said India could once again be the fastest-growing major economy in the world

In an hour-and-half-long media briefing after tabling of the Economic Survey 2017-18, Chief Economic Advisor Arvind Subramanian touched upon a number of topics. Presenting his fourth Economic Survey, Subramanian said India could once again be the fastest-growing major economy in the world, and that higher borrowing by the Centre and states did not necessarily reflect on the underlying fiscal deficit. Subramanian said crude oil prices would be among the biggest challenges going ahead, and that stakeholders needed to be vigilant about record stock market levels. Edited excerpts:

On the forecast for 2017-18 and 2018-19

There is a sustained and robust broad-based revival.