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Economic Survey-An Overview
The Survey calls for staying on the path of indicated fiscal consolidation.
This, it says, is critical to sustaining the desirable macroeconomic outcomes not
only in terms of higher growth in real GDP and lower inflation, but also in easing
the financing of the widening current account deficit (CAD),for which India’s sovereign
credit rating is important
Highlights of India Economic Survey 2012-13
-
Economic growth pegged at 6.1-6.7
percent in 2013-14
-
March 2013 inflation
estimated at 6.2-6.6 per cent
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Priority will be to rein in
high inflation
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FDI in retail to pave the
way for investment in new technology and marketing of agriculture produce
-
Survey calls for widening of
tax base and prioritising expenditure to bridge fiscal deficit
-
Calls for curbing gold imports
to contain current account deficit
-
Aadhaar-based direct cash
transfer scheme can help plug leakages in
subsidies
-
With subsidies bill
increasing, danger of missing fiscal targets is real
in FY13
-
Survey pitches for hike in
prices of diesel and LPG to cut subsidy burden.
-
Foreign Exchange reserves
remains steady at $295.6 billion at December, 2012-end
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At present, overall energy
deficit is about 8.6 percent and peak short of power is about 9
per cent.
-
Infrastructure bottlenecks
affecting industrial sector performance
-
Prospects for world trade as
well as of India are still
-
Pitches for further opening
of sectors for FDI
Generally seen as
anticipating the union budget, the economic survey for 2012-13 tabled in
parliament on February 27 on the eve of the central budget 2013-14, expectedly pitched
for further reforms, cut in subsidies, definitive action on eliminating
barriers to investment and employment generation.
