Economic Survey of India 2012-13: Union Finance Minister P.

Chidambaram today presented the Economic Survey 2012-1 3 in the Lok Sabha of the Parliament. India's Economic Survey for 2012-13 pegs the country's growth at 6.1-6.7% and in flation at 6.2-6.6% for the next fiscal 2013-14 and made a strong call for cutti ng subsidies. Survey said: i."With the global economy also likely to recover somewhat in 2013, these measures should help in improving the Indian economy's outlook for 2013-1 4", ii. There was across the board slowdown in all sectors during 2012-13 leading to problems in other areas of economy, especially revenue collection. Highlights of Economic Survey -2012-13 1. GDP growth seen at 6.1-6.7 percent in 2013/14 2. Government target for fiscal deficit is 4.8 pct of GDP in 2013/14 3. Government target for fiscal deficit is 3 pct of GDP in 2016/17 4. Headline WPI inflation may decline to 6.2-6.6 pct by March2013 5. India likely to meet fiscal deficit target of 5.3 pct of GDP in 2012/13, desp ite significant shortfall in revenues 6. Industrial output seen growing around 3 pct in 2012/13 7. Govt priority to fight inflation by reducing fiscal impetus to demand as well as by focusing on incentivizing food production. 8. More jobs in low productivity construction sector 9. Balance of Payments under pressure with net exports decline 10. Service sector has shown more resilience despite global slowdown 11. Pitches for hike in price of diesel and LPG to cut subsidy burden 12. Railway freight grows by 5.1 per cent in 2012-13 13. Foreign Exchange reserves remains steady at USD 295.6 Billion at December 20 12 end. NOTE: i. Economic Survey is presented every year, just before the Union Budget. ii. It is a flagship annual document of the Ministry of Finance, Government of I ndia. iii. Economic Survey reviews the developments in the Indian economy over the pre vious 12 months. iv. It summarizes the performance on major development programmes, and highlight s the policy initiatives of the government and the prospects of the economy in t he short to medium term. v. 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 t o activate a sluggish economy. vi. It serves as an indicator of what is likely to be contained in the General B udget proposals. Read more: http://www.bankersadda.com/2013/02/economic-survey-2012-13.html#ixzz2 cfJoXRh3