Thursday, May 02, 2013

ECONOMIC SURVEY 2012-13


  •  Presented by: Finance Minister P. Chidambaram
  • The survey takes stock of the economic performance of the country over the preceding 12 months and serves as a guidebook for the budget estimates for the following financial year.

 HIGHLIGHTS:

  • India's GDP growth seen around 5 per cent in 2012/13
  • Economy likely to grow 6.1-6.7 per cent in 2013/14
  •  Fiscal deficit in FY13 to be contained at 5.3 per cent
  •  Fiscal consolidation roadmap says deficit at 3 per cent by FY17
  •  Addressing key fiscal risks of petroleum subsidies is critical for fiscal consolidation
  • Widening tax base and prioritizing expenditure seen as key ingredients of credible medium-term fiscal consolidation plan
  • Raising tax to GDP ratio to more than 11 pct seen as critical for sustaining fiscal consolidation
  • WPI inflation may decline to 6.2-6.6 per cent
  •  Diesel price hike to put upward pressure on inflation
  •  Economy looking up, downturn more or less over. Economic slowdown a wake-up call for stepping up reforms
  • Trade, current account deficit matter of concern
  • Focus on curbing imports, making oil prices more market determined to rein in current account deficit
  •  Recommends curbing gold imports to reign in current account deficit
  • Industrial output seen growing around 3 pct in 2012/13
  •  Need long-term finance for infrastructure projects
  • Foreign Institutional Investors (FIIs) flows need to be targeted towards long-term rupee instruments
  • India on verge of creating quality jobs to seize 'demographic dividend'
  • The Economic Survey is integral to the budget process, bringing out the economic trends in the country on the eve of the budget presentation. This facilitates a better appreciation of resource mobilization and allocation in the budget. The economic survey released by the government paints a "cautiously optimistic" picture of the economy.

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