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Highlights
of Economic Survey 2012-13 (Presented in Parliament on 27/02/2013 by
Finance Minister P Chidambaram)
by
Rajesh Goyal
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Economic Survey is presented every year, just before the
Union Budget. This survey is a flagship annual document of the
Ministry of Finance, Government of India as it 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. It also
serves as an indicator of what is likely to be contained in the General Budget
proposals
The economic survey for 2012-13 was prepared by a team of
economists led by Chief Economic Advisor Raghuram Rajan and presented in
Parlilament by FM on 27th February, 2013. The survey pitches for speeding
up economic reforms to activate a sluggish economy. .
Major Highlights of the Economic Survey 2012-13 are summed up below:
GDP growth seen at 6.1-6.7 percent in FY 2013-14
Governments target for fiscal deficit is 4.8 pct of GDP in FY 2013-14
Government target for fiscal deficit is 3 pct of GDP by 2016-17
Headline WPI inflation may decline to 6.2-6.6 pct by March 2013
Focus on curbing imports, making oil prices more market determined to reign in
current account deficit
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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 FY2012-13,
despite significant shortfall in revenues
Calls for curbing of gold imports to contain current account deficit
Room to increase exports in the short run limited
Industrial output seen growing around 3 pct in FY 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
Survey 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 (or USD
25960 crores) at December 2012 end.
At
present, overall energy deficit is about 8.6 per cent and peak shortage of power
is about 9 per cent.
Infrastructure bottlenecks are affecting industrial sector performance
Prospects for world trade as well as of India are still uncertain.
Survey
also pitches for further opening of sectors for FDI
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by
Rajesh Goyal
Ads by Google
The economic survey for 2012-13 was prepared by a team of economists led by Chief Economic Advisor Raghuram Rajan and presented in Parlilament by FM on 27th February, 2013. The survey pitches for speeding up economic reforms to activate a sluggish economy. .
Major Highlights of the Economic Survey 2012-13 are summed up below:
GDP growth seen at 6.1-6.7 percent in FY 2013-14 Ads by Google
Foreign Institutional Investors (FIIs) flows need to be targeted towards
long-term rupee instruments
At present, overall energy deficit is about 8.6 per cent and peak shortage of power is about 9 per cent.
Infrastructure bottlenecks are affecting industrial sector performance
Prospects for world trade as well as of India are still uncertain.
Survey also pitches for further opening of sectors for FDI
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