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Economic Survey 2013 : HighlightsMay 16, 2013 - Decoded,
Economics and Business, Miscellaneous - Tagged: economic condition
of india,
Economic Survey of india, Highlights of Economic Survey,
highlisghts of Economic Survey 2013, need of Economic
Survey, summary and importance of Economic Survey, what is
Economic Survey - no comments
Union Finance Minister P. Chidambaram on 27 February presented
the Economic Survey 2012-13 in the Lok
Sabha of the Parliament. Indias Economic Survey for 2012-13 pegs
the countrys growth at 6.1-6.7% and
inflation at 6.2-6.6% for the next fiscal 2013-14 and made a
strong call for cutting subsidies.
Economic Survey is presented every year, just before the Union
Budget. It is a flagship annual document of
the Ministry of Finance, Government of India. Economic Survey
reviews the developments in the Indian
economy over the previous 12 months. It summarizes the
performance on major development programmes,
and highlights the policy initiatives of the government and the
prospects of the economy in the short to
medium term.
The economic survey 2012-13 was prepared by a team of economists
led by Chief Economic Advisor
Raghuram Rajan, and pitches for speeding up economic reforms to
activate a sluggish economy. It serves as
an indicator of what is likely to be contained in the General
Budget proposals.
Following are the major Higlhlights of the Economic Survey
2012-13
GDP growth seen at 6.1-6.7 percent in 2013/14
Government target for fiscal deficit is 4.8 pct of GDP in
2013/14
Government target for fiscal deficit is 3 pct of GDP in
2016/17
Headline WPI inflation may decline to 6.2-6.6 pct by
March2013
Focus on curbing imports, making oil prices more market
determined to reign in current account deficit
Foreign Institutional Investors (FIIs) flows need to be targeted
towards long-term rupee instruments
Prioritisation of expenditure seen as key ingredient of credible
medium-term fiscal consolidation plan
Raising tax to GDP ratio to more than 11 percent seen as
critical for sustaining fiscal consolidation
Room for accommodative monetary policy with expected fiscal
consolidation
India likely to meet fiscal deficit target of 5.3 pct of GDP in
2012/13, despite significant shortfall in revenues
Recommends curbing gold imports to reign in current account
deficit
Room to increase exports in the short run limited
Industrial output seen growing around 3 pct in 2012/13
Govt priority to fight inflation by reducing fiscal impetus to
demand as well as by focusing on incentivizing
food production.
More jobs in low productivity construction sector
Balance of Payments under pressure with net exports decline
Service sector has shown more resilience despite global
slowdown
Pitches for hike in price of diesel and LPG to cut subsidy
burden
Railway freight grows by 5.1 per cent in 2012-13
Foreign Exchange reserves remains steady at USD 295.6 Billion at
December 2012 end.
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