State of economy - economic survey of India 2013-14

C H A P T E R - 1 : E C O N O M I C S U R V E Y O F I N D I A 2 0 1 3 - 1 4

26 November 2014The State of the Economy 2013-14

The State of the Economy

Prepared by-Swapnil Soni

DoMS, IISc

Course-

Macroeconomics

Instructor-

Prof. M.H. Bala Subrahmanya

2

Index

Price & Monetary management

Inflation

Major contributor to headline WPI

Outlook for inflation

Monetary development

International trade, BoP & Debt

International trade

Service trade

Balance of Payment

External Debt

Priorities for reviving growth

Sectoral Developments

References


Economic survey of India- Introduction

Health of Economy with Economic

Indicators

Sectoral growth trend

Trend in employment

Input flows in economy

Aggregate Demand

Consumption

Investment

Net export

Public Finance

Domestic Savings

3

Economic survey of India


What?• A flagship annual document of the Ministry of Finance, Government of India• Ministry's view on the annual economic development of the country (13 Chapters)

Purpose?• Summarizing the performance on major development programs, and highlights the policy

initiatives of the government and the prospects of the economy in the short to medium term

Presented by?• Finance Ministry of India

Presented to?• Bicameral houses of Parliament- Loksabha & Rajyasabha

When?• During the Budget Session• Just before the Union Budget


Health of Economy

Assessing the health of Economy with Economic Indicators:1. GDP2. Production3. Price4. External Sector5. Money & Credit6. Fiscal Indicators7. Population

5 26 November 2014The State of the Economy 2013-14

Economic Survey of India 2013-14 : Key Indicators

Data categories 2009-10 2010-11 2011-12 2012-13 2013-14

1 GDP and Related Indicators

GDP (current market prices) Rs Crore 6477827 7784115 90097222R 101132811R 11355073

Nominal GDP Growth Rate % 15.1 20.2 15.7 12.2 12.3

GDP (factor cost 2004-05 prices) ` 4516071 4918533 52475302R 54821111R 5741791

Real GDP Growth Rate % 8.6 8.9 6.7 4.5 4.7

Savings Rate % of GDP 33.7 33.7 31.3 30.1

Capital Formation Rate % of GDP 36.5 36.5 35.5 34.8

Per Capita Net National Income ` 46249 54021 61855 67839 74380

(factor cost at current prices)

2 Production

Food grains Million tonnes 218.1 244.5 259.3 257.1 264.4

Food Grains Production (growth) % 13 12.1 6.1 -0.8 2.8

Index of Industrial Production (growth) % 5.3 8.2 2.9 1.1 -0.1

Electricity Generation (growth) % 6.1 5.5 8.2 4 6.1

3 Prices

Inflation (WPI) (average) % 3.8 9.6 8.9 7.4 6

Inflation CPI (IW) (average) % 12.4 10.4 8.4 10.4 9.7

4 External Sector

Export (in US$ terms) % change -3.5 40.5 21.8 -1.8 4.1

Import (in US$ terms) % change -5 28.2 32.3 0.3 -8.3

Current Account Balance (CAB/GDP) % -2.8 -2.8 -4.2 -4.7 -1.7

Foreign Exchange Reserves 9 9.2 -3.4 -0.8 4.2

Average Exchange Rated Rs/US$ -4.0 -4.0 5.2 13.5 11.2

5 Money and Credit

Broad Money (M3) (annual) % change 16.9 16.1 13.2 13.6 13.3

Scheduled Commercial Bank Credit % change 16.9 21.5 17 14.1 13.9

6 Fiscal Indicators (Centre)

Gross Fiscal Deficit % of GDP 6.5 4.8 5.7 4.9 4.5

Revenue Deficit % of GDP 5.2 3.2 4.4 3.6 3.2

Primary Deficit % of GDP 3.2 1.8 2.7 1.8 1.2

7 Population Million n.a. 1210 n.a. n.a. n.a.

Health of Economy (cont..)


15.1

20.2

15.7

12.2 12.3

8.6 8.9

6.7

4.5 4.7

33.7 33.7

31.330.1

36.5 36.535.5 34.8

2009-10 2010-11 2011-12 2012-13 2013-14

Pe

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1. GDP and Related Indicators

Nominal GDP Growth Rate % Real GDP Growth Rate %

Savings Rate % of GDP Capital Formation Rate % of GDP

• Nominal GDP growth rate peaked during 2010-11 and kept declining afterwards• Real GDP didn't surge any period and depicted sub-5% growth rate for last 2 years• Difference in Nominal and Real GDP growth rate is attributed to inflation• Although there is growth in GDP (yet slow), there is fall in saving rate and consequently capital formation rate

(MPC & Angel's Law)

Real GDP: Average growth in the emerging markets and developing economies including China declined from 6.8 % to 4.9 %



13

12.1

6.1

-0.8

2.8

5.3

8.2

2.9

1.1

-0.1

6.15.5

8.2

4

6.1

2009-10 2010-11 2011-12 2012-13 2013-14

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2. Production

Food Grains Production (growth) % Index of Industrial Production (growth) %

Electricity Generation (growth) %

• Steep decline in Agriculture production-negative growth in 2012-13• Industrial production also reported fall in growth rate; major concern- negative in 2013-14• Electricity followed cyclical trend and reported good growth in 2013-14



3.8

9.6

8.9

7.4

6

12.4

10.4

8.4

10.49.7

2009-10 2010-11 2011-12 2012-13 2013-14

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3. Prices

Inflation (WPI) (average) % Inflation CPI (IW) (average) %

• WPI always remained below CPI (IW)• Last year both inflation indices reported decline in value yet CPI (IW) remained still above

‘Comfort level’• Food inflation is observed to be major contributor in CPI (IW) • WPI inflation in food articles averaged 12.2% during this periods



-3.5

40.5

21.8

-1.8

4.1

-5

28.2

32.3

0.3

-8.3

-2.8 -2.8 -4.2 -4.7-1.7

9 9.2

-3.4-0.8

4.2

2009-10 2010-11 2011-12 2012-13 2013-14

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4. External sector

Export (in US$ terms) % change Import (in US$ terms) % change

Current Account Balance (CAB/GDP) % Foreign Exchange Reserves

• Drastic growth of Export & Import in 2010-11 and decline in 2012-13; Export again revived in 2013-14

• Reduction in Import last year brought good news and also reduced CAD• Foreign Reserve increased dramatically in last year due to FII

Foreign exchange reserves increased by nearly US$ 40 billion from US$ 275 billion in early September 2013 to US$ 314.9 billion on 20 June 2014



16.916.1

13.2 13.6 13.3

16.9

21.5

17

14.1 13.9

2009-10 2010-11 2011-12 2012-13 2013-14

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5. Money and Credit

Broad Money (M3) (annual) % change Scheduled Commercial Bank Credit % change

• Broad Money depicts a constant increasing trend which can be reasoned out by the fact that real GDP also has increasing growth trend

• M3 (Broad money)= M1 + time deposits of the public with banks



6.5

4.8

5.7

4.9

4.5

5.2

3.2

4.4

3.6

3.2

2009-10 2010-11 2011-12 2012-13 2013-14

Pe

rce

nta

ge

6. Fiscal Indicators

Gross Fiscal Deficit % of GDP Revenue Deficit % of GDP

• Both gross fiscal & Revenue deficit show declining trend since 2011• It could be due to the fact that govt reduced its expenditure comparatively these years and there is increase in

Tax revenue




• Economic growth has slowed due to domestic structural and external factors. Twosuccessive years of sub-5 % growth is witnessed for the first time in 25 years.

• Inflation has eased but is still above comfort levels.• Improvements are visible on the fiscal front and in the current account balance.• Sustenance of early signs of growth pick-up depends on amelioration of structural

constraints.

Highlights on Health

Structural constraints

Delayed decisions on projects thwarting investments

Ill-targeted subsidies

http://onlyzerocarbon.org/subsidies.html


Economic Indicators (cont..)

Structural constraints (cont..)

Low manufacturing base, especially of capital goods

.Presence of a large informal sector and inadequate

labour absorption in the formal sector


Economic Indicators (cont..)

Structural constraints (cont..)

Sustaining high economic growth is difficult without robust agricultural growth. Low

agricultural productivity is hampering this.

Significant presence of intermediaries->High food inflation



• Trend in employment• Input flows in economy

16


Sector 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14

(Growth %)

Agriculture, Forestry & Fishing 5.8 0.1 0.8 8.6 5 1.4 4.7

Mining & Quarrying 3.7 2.1 5.9 6.5 0.1 -2.2 -1.4

Manufacturing 10.3 4.3 11.3 8.9 7.4 1.1 -0.7

Electricity, gas & water supply 8.3 4.6 6.2 5.3 8.4 2.3 5.9

Construction 10.8 5.3 6.7 5.7 10.8 1.1 1.6

Trade, hotels, transport, storage & communication 10.9 7.5 10.4 12.2 4.3 5.1 3

Financing, insurance, real estate & business services 12 12 9.7 10 11.3 10.9 12.9

Community, social & personal services 6.9 12.5 11.7 4.2 4.9 5.3 5.6

GDP at factor cost 9.3 6.7 8.6 8.9 6.7 4.5 4.7

Rainfall (mm) 12 13 9 5 14 7 8


-4

-2

0

2

4

6

8

10

12

14

2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14

Gr

ow

th %

Agriculture, Forestry & Fishing Mining & Quarrying

Manufacturing Electricity, gas & water supply

Construction Trade, hotels, transport, storage & communication

Financing, insurance, real estate & business services Community, social & personal services

GDP at factor cost

• Growth in almost all sectors declined for last 5 years so did GDP growth• Last year 2013-14 advocates increased growth in Agriculture, Power, Construction & some service industry-

Finance• Finance & Insurance sector has sustainable growth trend• Concern: negative growth in Manufacturing & Mining



Role of Natural factor : Monsoon

• Favourable monsoons helped agricultural growth and power generation. • Slowdown in industry continued.

12

13

9

5

14

7

8

5.8

0.10.8

8.6

5

1.4

4.7

10.8

5.3

6.7

5.7

10.8

1.11.6

9.3

6.7

8.6 8.9

6.7

4.5 4.7

2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14

Gr

ow

th %

Rainfall Agriculture, Forestry & Fishing Construction GDP at factor cost

Correlation Coefficient Rainfall

Agricultur

e, Forestry

& Fishing

ConstructionGDP at

factor cost

Rainfall 1

Agriculture, Forestry & Fishing -0.28781 1

Construction 0.652794 0.307227 1

GDP at factor cost 0.091466 0.372258 0.71487687 1

• India’s major agriculture production depends on monsoon yet that also couldn’t help much in recession during 2008-09

• Growth in agriculture & construction is attributed to monsoon in last 2 years

18

Trend in employment


• Slowdown in employment growth has been a serious concern in recent years• Workforce increased from 398 million in 1999-2000 to 458 million in 2004-05• Increase of nearly 60 million is nearly equally divided between the agriculture and

non-agriculture sectors

• Decline in the share of employment in agriculture has been observed in most countries in their development process

• A decline in the labour force and workforce participation rates of women• Rapid increase in female participation in education, both in the rural and urban areas.

Silver Lining

Major employer: Agriculture & Construction

19

Input flows in economy


• Agriculture: around half of inputs from agriculture itself; remaining contributed equally by Industry & Services

• Industrial sector, a pivotal for sustaining economic activity in the services sector• A sustained recovery in the industrial sector is at the heart of a sustained growth recovery

Industry

AgricultureServices


Aggregate Demand

• Consumption

• Investment

• Net export

21

Aggregate Demand


TFCE: Total final consumption expenditureGCF: Gross capital formationFCF: Fixed capital formation

• No major change in Consumption –’C’• AD slightly increased owing to higher level of net export- (NE=X-M)

NE=X-M

% of GDP

22

% of GDP

Consumption


TFCE: Total final consumption expenditurePFCE: Private final consumption expenditureGFCE: Govt final consumption expenditure

• The share of final consumption in GDP has been declining consistently since the 1950s• Mainly the decline in share of PFCE but income increased

Why?

Income Saving Consumption

Consumption basket

A move away from non-durable goods, especially food items!

23

Investment


Sector-wise Investment as ratio of GDP

Investment components• Fixed capital

formation • Acquisition of

valuables • Changes in stock and

inventories

• The year 2004-05 marked a break, with the rate of investment exceeding 30% for the first time

• Private corporate investment is the major contributor to total investment; decline of which deteriorated the overall investment ‘I’ & GDP as well

What drives investment?Real or Nominal interest rate?

Treatment to Crowding out is to attain Richordian equivalence


Net export

Correlation between indices

Real GDP Growth Rates (%)

Private Consumption

Public Consumption

Gross Fixed Capital Formation

Exports (US$bn)

Imports (US$bn)

Trade deficit (US$bn)

Real GDP Growth Rates (%) 1.000

Private Consumption 0.708 1.000

Public Consumption 0.557 0.546 1.000

Gross Fixed Capital Formation

0.727 0.277 0.149 1.000

Exports (US$bn) -0.051 0.358 0.217 -0.297 1.000

Imports (US$bn) -0.038 0.379 0.268 -0.294 0.996 1.000

Trade deficit (US$bn) 0.017 -0.407 -0.342 0.285 -0.976 -0.991 1.000

Analysis on basis of 15 years data 1999-2K to 2013-14

Inferences

• Real GDP growth, Private & Public Consumptions and Capital formation are highly correlated.

• Export and Import are growing hand-in-hand.

• Understood: Import increases -> Trade deficit decreases• Riddle: Export increases -> Trade deficit decreases??

Trade deficit= Export- Import -300

-200

-100

0

100

200

300

400

500

600U

S$

BN

Import increase much faster than Export

Exports (US$bn) Imports (US$bn) Trade deficit (US$bn)


Public Finance

Study of the role of the government in the economy by means of:(1) Efficient allocation of resources(2) Distribution of income(3) Macroeconomic stabilization.

26

Public Finance


Fiscal Responsibility and Budget Management Act, 2003

Purpose:

• To institutionalise financial discipline

• To reduce India's fiscal & revenue deficit

• To improve macroeconomic management and the overall management of the

public funds by moving towards a balanced budget

Indicator 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14

Centre's Fiscal Deficit -6 -5.7 -4.3 -3.9 -4 -3.3 -2.5 -6 -6.5 -4.8 -5.7 -4.9 -4.56.0%

5.7%

4.3%

3.9% 4.0%

3.3%

2.5%

6.0%

6.5%

4.8%

5.7%

4.9%

4.5%

2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14

Centre's Fiscal Deficit (% of GDP)

• Fiscal deficit was successfully achieved 2.5% in 2007-08 against target of 3%

• 2008-09 Global crisis plummeted the this number to 6.5%

Target:

2013-14 -> 4.8 %2016-17 -> 3.0 %

27

Public Finance

The fiscal deficit of 4.5 per cent of GDP in 2013-14 as compared to the budgeted target of 4.8 per cent of GDP is indicative of continued focus on fiscal consolidation

Fiscal consolidation was achieved with lower-than budgeted expenditure in 2013-14

Despite the macroeconomic uncertainties and elevated global crude oil prices, fiscal targets were achieved


Alternate solution to take on Fiscal deficit:

Tax - GDP ratio

May result counter productive!

• Higher fiscal deficits usually lead to rising public debt.

• India’s government liabilities-GDP ratio declined from 61.6% in 2002-03 to 49.4% in 2013-14

• Raising the tax-GDP ratio and furtherance of subsidy reforms are essential for fiscal consolidation

Laffer Curve


Domestic Savings

Not ‘Saving’…!

29

Domestic Savings

Item 1990s 2000s 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13

Gross domestic savings 23 30.6 36.8 32 33.7 33.7 31.3 30.1

Household sector 17.7 23.1 22.4 23.6 25.2 23.1 22.8 21.9

Financial 9.6 10.8 11.6 10.1 12 9.9 7 7.1

Physical 8 12.3 10.8 13.5 13.2 13.2 15.8 14.8

Private corporate sector 3.6 6.3 9.4 7.4 8.4 8 7.3 7.1

Public sector 1.6 1.2 5 1 0.2 2.6 1.2 1.2


Domestic Savings Household Savings Private corporate Public sector

Gross Domestic Savings Rate and its Components as Percentage of GDP at Current Market Prices

Saving Savings

A flow concept A stock concept

A disposable personal income minus consumption

A part of a particular asset

It's the current output/income that is not consumed or used up during the relevant time

Savings is often equated with investment for any economy

30

Domestic Savings


23

30.6

36.8

3233.7 33.7

31.330.1

17.7

23.1 22.423.6

25.2

23.1 22.821.9

9.610.8

11.610.1

12

9.9

7 7.18

12.310.8

13.5 13.2 13.2

15.814.8

3.6

6.3

9.4

7.48.4 8 7.3 7.1

1.6 1.2

5

10.2

2.61.2 1.2

1990S 2000S 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13

Gross Domestic Savings Rate and its Components as Percentage of GDP

Gross domestic savings Household sector Financial

Physical Private corporate sector Public sector

• Gross domestic savings followed downward trend after 2007-08 that exhibited historic high

• Household is major contributor; it also showed decline

• In recent years, households tended to save more in physical than in financial assets



• Inflation

• Major contributor to headline WPI

• Outlook for inflation

• Monetary Developments

32


Indicator 1999-2K 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14

WPI 3.3 7.1 3.6 3.4 5.5 6.5 3.7 6.5 4.8 8 3.6 9.6 8.8 7.5 5.9

CPI (IW) 3.4 3.7 4.3 4.1 3.8 3.9 4.2 6.8 6.2 9.1 12.3 10.5 8.4 10.2 9.5


• Year 2009-10 depicted the highest level of CPI & lowest level of WPI

• High CPI is majorly attributed to food articles

• With increase in income level over a period there is decline in proportional consumption of

food articles

• Non-food items moderated the CPI- sticky Core Inflation

Inflation


Major contributors to headline WPI inflation, Outlook & Monetary Developments


• In 2013-14 inflation was chiefly confined to food and fuel, which contributed nearly 2/3 of overall inflation

Villain No.-1

High Income

Villain No.-2(Subsidy & MSP)

Hero – RBI’s monetary policy• Contractionary in Inflation• Expansionary in recession


International trade

• International trade

• Service trade

• Balance of Payment

• External Debt

35The State of the Economy 2013-14

International trade

Source: http://dgft.gov.in/Peak- US $ 490 b during 2012-13

Increased Import

26 November 2014


International trade

Peak- US $ 306 b during 2011-12Source: http://dgft.gov.in/

Decreased Export

26 November 2014


International trade

Source: http://dgft.gov.in/

26 November 2014


International trade

Source: http://dgft.gov.in/

26 November 2014


International trade

Import from China- US $38 b Source: http://dgft.gov.in/

26 November 2014


International trade

Export to USA- US $29 bSource: http://dgft.gov.in/

26 November 2014

41

International trade


Indicators 2000-01 2013-14

India’s share in world exports 0.7% 1.7 %

India’s share in world import 0.8% 2.5%

India’s total merchandise trade to GDP ratio 21.8% 44.1%

• Exports of petroleum products, engineering goods, chemicals and related products accounted for more than half of total exports in 2013-14

• Imports of gold declined from 1078 tonnes in 2011-12 to 1037 tonnes in 2012-13 and further to 664 tonnes in 2013-14- on account of govt’s measures

What caused reduced trade deficit to US$ 137.5 billion from US$ 190.3 billion during 2012-13?• The sharp decline in imports and a moderate growth in exports• Demand slowdown and restrictions on non-essential imports• ‘Swap window’ (US$ 34 bn) + lower CAD = increased Forex (US$ 314.9 bn)

Trade deficit Export Import

35.1 39.651

100.6

131.2 137.2

177.3

275.6

254.6

283.5297.3 296.7 296.6 295.7

303.6

98.3 101.3 98.8 104.9 112.7

134 139.1

172.4

224.4 224.5

260.9

317.9

360.8

404.9

426

1999-2K 2000-01 2001-02 2002-032003-042004-052005-062006-072007-082008-09 2009-10 2010-11 2011-12 2012-13 2013-14

Forex & Debt

Forex Assets (exc. gold)(US$bn) External Debt (US$bn)

Concern!Forex & Debt both grow hand in hand yet in 2010-11 external debt surpassed Forex


Priorities for Reviving Growth

43

Priorities for Reviving Growth

Revival of investment is crucial for raising the growth rate. This requires acceleration in project clearances


• Rejuvenating growth in manufacturing, which hassignificant backward & forward linkages. Simplificationof tax policy & administration

• Keeping fiscal deficit in check without compromising on capital expenditure

• Maintaining the CAD in the range of 2-2.5 % of GDP. This may turn out to be challenging due to oil prices in external market

• Fresh look at policies towards procurement, marketing, transport, storage, and processing

• To harness the demographic dividend, the non-agrarian sector must generate employment

The Hindu, 18.11.14



• Agriculture and Food Management• Industry and infrastructure• Services Sector• Financial Intermediation• Human Development• Sustainable Development and Climate Change

45


Agriculture and Food Management

The year 2013-14 witnessed record food grains production

However, the share of public expenditure in total GCF of the agriculture and allied sector declined from 25 % in 2006-07 to 14.7 % in 2012-13

Private investment as a proportion of agri-allied GDP increased from 12.6 % in 2007-08 to 18.1 % in 2012-13

60 % of the total food grains and oilseeds are grown in the Kharif season- largely dependent on Monsoon

Schemes

Task Force for Direct Transfer of fertilizer subsidy

Crop Diversification Scheme in Punjab & Haryana

Uniform taxes in the domestic market


Industry and infrastructure• Key reason for poor performance - contraction in mining and deceleration in

manufacturing• Deceleration in investment particularly by the private corporate sector during 2012-13• Slowdown in industry was reflected in lower sales growth in the corporate sector• Maximum FDI attracted by- construction, telecom, computer software & hardware,

drugs, automobile, power, metallurgy, hotels & tourism



Services Sector

Fastest growing sector of the economy

Second fastest growing in the world, with a CAGR of 9%, behind China with a CAGR of 10.9 % during the period from 2001 to 2012

Contributed substantially to foreign investment flows, exports, and employment (27%)

Like industry, services also slowed during the last two years

Decelerated: Trade, hotels & restaurants and transport, storage, and communications

Accelerated: Financing, insurance, real estate, and business services

Financial Intermediation

Financial reforms in 2013-14

Pension Fund Regulatory and Development Authority (PFRDA)

Financial Sector Legislative Reforms Commission (FSLRC)

NPAs of banks increased from 2.36% in 2011 to 3.90% (total credit advanced) in 2014


Human Development

Large and young population–great demographic advantage

The proportion of working-age population is likely to increase from 58%in 2001 to 64% by 2021

Human development index (HDI) = 0.554; Global ranking slipped down to 136 from 134

The poverty ratio declined from 37.2% in 2004-05 to 21.9% (269.3 mn) in 2011-12

Unless timely action is taken, the potential for reaping the demographic dividend is unlikely to last indefinitely


Sustainable Development and Climate Change

The business-as-usual approach to development has entailed unsustainable consumption patterns, essentially in developed countries

India’s per capita carbon emissions were 1.7 MT in 2010, well below the world average of 4.9 MT (misleading as population is high)

Adopted Millennium Development Goals (MDGs) ending in 2015

New climate deals must ensure that developing countries are granted the required ‘carbon space’ & ‘development space’.

At the heart of all of this lies a fair division of both global rights and responsibilities

48

References


Websites

www. commerce.nic.in

www.dgft.gov.in

www.wto.org

www.wikipedia.org

www.indiabudget.nic.in

www.ifri.org

www.msme.gov.in

Research Papers

Trade Policy and Economic Growth: A Skeptic's Guide to the Cross-National Evidence By Francisco Rodriguez

Evaluation of trade policy in India By Vijay L.K.

Books

Introduction to Macroeconomics By Hyman

Tools used

Microsoft Encarta (Encyclopedia for offline references)

Microsoft Excel (Data analysis)

http://www.worldbank.org/

49

So what?

Agricultural, Educational & (Manufacturing) Industrial development are backbone of economy.

Let’s strengthen it by adding values to these sectors either as career in academia or as a professional.


What can I do?


Thank you!

Economy & Finance

State of economy - economic survey of India 2013-14