The finance ministry on Wednesday released the Economic Survey
2012-13, a day before Finance Minister P Chidambaram unveils the budget.
Here are the highlights:
PGDM 2nd SEM
IIMT COLLEGE OF MANAGEMENT
- Free legal services benefit more than 7.82 lakh persons from 1st April, 2012 to 31st October, 2012
- Expenditure on social services increased considerably in 12th Plan
- Upward trend in employment maintained; Overall employment increased by 6.94 lakh in June 2012 over June 2011
- Economic Survey acknowledges benefits of market diversification
- Measures taken by government to protect consumers from price rise
- Rs 12,517 cr capital to be infused in PSB'st to augment their Tier-1 Capital
- Fast agricultural growth remains vital for jobs, incomes and food security
- Raising tax to GDP ratio to more than 11 pc critical for sustaining fiscal consolidation
- Robust Inflow of FDI in the Services Sector
- Chandigarh tops with highest share of services in GSDP with 85%
- India has highest increase in share of services in GDP at 8.1%
- Govts key initiatives to boost manufacturing
- Government to raise Rs 40,000 cr through disinvestment
- Growth outlook for developed nations uncertain
- Higher agri output to lower inflation
- Employment rose 1.6% in the last decade
- Direct cash transfer to curb leakages
- Pegs FY14 GDP growth rate at 6.1 to 6.7 per cent
- Oil subsidy key fiscal risk
- Reforms should be accelerated to boost growth
- Foreign Exchange reserves remains steady at $295.6 bn at Dec 2012 end
- Need to cut impediments for investment
- Tax base should be increased
- 5.3% fiscal deficit target achievable
- WPI inflation may decline to 6.2-6.6%
- Railway freight grows by 5.1 per cent in 2012-13
- Need to cut subsidy and leakages
- IIP growth may remain sluggish
- Room to increase exports limited
- Need to curb gold imports
- Recent steps to boost FY14 outlook
- Diesel price hike to put upward pressure on inflation
- Lower inflation to create room for rate cuts
- Food subsidy bill to increase subsidy
- Trade deficit, CAD a matter of concern
- Fiscal consolidation key to high growth
- WPI inflation to continue to moderate
PGDM 2nd SEM
IIMT COLLEGE OF MANAGEMENT
he
government had pegged the fiscal deficit, an indicator of public
finances, at 5.1 per cent for the Gross Domestic Product (GDP) for
2012-13. Chidambaram later revised it to 5.3 per cent in view of rising
expenditure and s - See more at:
http://www.indianexpress.com/news/economic-survey-2013-paints-sombre-picture-of-economy-lowers-growth-to-5-/1080498/2#sthash.i5x1tokO.dpuf
Painting
a not-so-rosy picture of the economy, the pre-Budget Economic Survey
today spoke of the "danger" of missing fiscal targets in the current
year which may clock only 5 per cent growth against the projected 7.6
per cent and made a case for widening of tax base and cutting of
subsidies.
Against the backdrop of speculation over proposals for taxing super-rich and on inheritance, the Survey cautioned against raising taxes.
The Survey, tabled by Finance Minister P Chidambaram in Parliament, projected an optimistic growth rate of 6.1-6.7 per cent for the 2013-14 claiming that the downturn is more or less over and economy is looking up.
The economic growth rate in the current financial year is expected to slip to decade's low of 5 per cent from 6.2 per cent in 2011-12 and 9.3 per cent a year before that.
The Survey last year had projected the growth rate for 2012-13 at 7.6 per cent.
"These are difficult times but India has navigated such times before and with good policies it will come through stronger," Chief Economic Advisor Raghuram G Rajan, the lead author of the Survey, told the media later.
In order to meet the challenges of the economy, he prescribed shifting national spending from consumption to investment, removing the bottlenecks to investment, growth and job creation, besides making efforts to reduce cost of funds.
On the issue of rising subsidy bill, the Survey said, "the danger that fiscal targets would be breached substantially become very real in the current year".
- See more at: http://www.indianexpress.com/news/economic-survey-2013-india-growth-projected-at-6.16.7--likely-to-hit-fiscal-deficit-of-5.3-/1080498/#sthash.MBeVKqJM.dpuf
Against the backdrop of speculation over proposals for taxing super-rich and on inheritance, the Survey cautioned against raising taxes.
The Survey, tabled by Finance Minister P Chidambaram in Parliament, projected an optimistic growth rate of 6.1-6.7 per cent for the 2013-14 claiming that the downturn is more or less over and economy is looking up.
The economic growth rate in the current financial year is expected to slip to decade's low of 5 per cent from 6.2 per cent in 2011-12 and 9.3 per cent a year before that.
The Survey last year had projected the growth rate for 2012-13 at 7.6 per cent.
"These are difficult times but India has navigated such times before and with good policies it will come through stronger," Chief Economic Advisor Raghuram G Rajan, the lead author of the Survey, told the media later.
In order to meet the challenges of the economy, he prescribed shifting national spending from consumption to investment, removing the bottlenecks to investment, growth and job creation, besides making efforts to reduce cost of funds.
On the issue of rising subsidy bill, the Survey said, "the danger that fiscal targets would be breached substantially become very real in the current year".
- See more at: http://www.indianexpress.com/news/economic-survey-2013-india-growth-projected-at-6.16.7--likely-to-hit-fiscal-deficit-of-5.3-/1080498/#sthash.MBeVKqJM.dpuf
Painting
a not-so-rosy picture of the economy, the pre-Budget Economic Survey
today spoke of the "danger" of missing fiscal targets in the current
year which may clock only 5 per cent growth against the projected 7.6
per cent and made a case for widening of tax base and cutting of
subsidies.
Against the backdrop of speculation over proposals for taxing super-rich and on inheritance, the Survey cautioned against raising taxes.
The Survey, tabled by Finance Minister P Chidambaram in Parliament, projected an optimistic growth rate of 6.1-6.7 per cent for the 2013-14 claiming that the downturn is more or less over and economy is looking up.
The economic growth rate in the current financial year is expected to slip to decade's low of 5 per cent from 6.2 per cent in 2011-12 and 9.3 per cent a year before that.
The Survey last year had projected the growth rate for 2012-13 at 7.6 per cent.
"These are difficult times but India has navigated such times before and with good policies it will come through stronger," Chief Economic Advisor Raghuram G Rajan, the lead author of the Survey, told the media later.
In order to meet the challenges of the economy, he prescribed shifting national spending from consumption to investment, removing the bottlenecks to investment, growth and job creation, besides making efforts to reduce cost of funds.
On the issue of rising subsidy bill, the Survey said, "the danger that fiscal targets would be breached substantially become very real in the current year".
- See more at: http://www.indianexpress.com/news/economic-survey-2013-india-growth-projected-at-6.16.7--likely-to-hit-fiscal-deficit-of-5.3-/1080498/#sthash.MBeVKqJM.dpuf
Against the backdrop of speculation over proposals for taxing super-rich and on inheritance, the Survey cautioned against raising taxes.
The Survey, tabled by Finance Minister P Chidambaram in Parliament, projected an optimistic growth rate of 6.1-6.7 per cent for the 2013-14 claiming that the downturn is more or less over and economy is looking up.
The economic growth rate in the current financial year is expected to slip to decade's low of 5 per cent from 6.2 per cent in 2011-12 and 9.3 per cent a year before that.
The Survey last year had projected the growth rate for 2012-13 at 7.6 per cent.
"These are difficult times but India has navigated such times before and with good policies it will come through stronger," Chief Economic Advisor Raghuram G Rajan, the lead author of the Survey, told the media later.
In order to meet the challenges of the economy, he prescribed shifting national spending from consumption to investment, removing the bottlenecks to investment, growth and job creation, besides making efforts to reduce cost of funds.
On the issue of rising subsidy bill, the Survey said, "the danger that fiscal targets would be breached substantially become very real in the current year".
- See more at: http://www.indianexpress.com/news/economic-survey-2013-india-growth-projected-at-6.16.7--likely-to-hit-fiscal-deficit-of-5.3-/1080498/#sthash.MBeVKqJM.dpuf
Painting
a not-so-rosy picture of the economy, the pre-Budget Economic Survey
today spoke of the "danger" of missing fiscal targets in the current
year which may clock only 5 per cent growth against the projected 7.6
per cent and made a case for widening of tax base and cutting of
subsidies.
Against the backdrop of speculation over proposals for taxing super-rich and on inheritance, the Survey cautioned against raising taxes.
The Survey, tabled by Finance Minister P Chidambaram in Parliament, projected an optimistic growth rate of 6.1-6.7 per cent for the 2013-14 claiming that the downturn is more or less over and economy is looking up.
The economic growth rate in the current financial year is expected to slip to decade's low of 5 per cent from 6.2 per cent in 2011-12 and 9.3 per cent a year before that.
The Survey last year had projected the growth rate for 2012-13 at 7.6 per cent.
"These are difficult times but India has navigated such times before and with good policies it will come through stronger," Chief Economic Advisor Raghuram G Rajan, the lead author of the Survey, told the media later.
In order to meet the challenges of the economy, he prescribed shifting national spending from consumption to investment, removing the bottlenecks to investment, growth and job creation, besides making efforts to reduce cost of funds.
On the issue of rising subsidy bill, the Survey said, "the danger that fiscal targets would be breached substantially become very real in the current year".
- See more at: http://www.indianexpress.com/news/economic-survey-2013-india-growth-projected-at-6.16.7--likely-to-hit-fiscal-deficit-of-5.3-/1080498/#sthash.MBeVKqJM.dpuf
Against the backdrop of speculation over proposals for taxing super-rich and on inheritance, the Survey cautioned against raising taxes.
The Survey, tabled by Finance Minister P Chidambaram in Parliament, projected an optimistic growth rate of 6.1-6.7 per cent for the 2013-14 claiming that the downturn is more or less over and economy is looking up.
The economic growth rate in the current financial year is expected to slip to decade's low of 5 per cent from 6.2 per cent in 2011-12 and 9.3 per cent a year before that.
The Survey last year had projected the growth rate for 2012-13 at 7.6 per cent.
"These are difficult times but India has navigated such times before and with good policies it will come through stronger," Chief Economic Advisor Raghuram G Rajan, the lead author of the Survey, told the media later.
In order to meet the challenges of the economy, he prescribed shifting national spending from consumption to investment, removing the bottlenecks to investment, growth and job creation, besides making efforts to reduce cost of funds.
On the issue of rising subsidy bill, the Survey said, "the danger that fiscal targets would be breached substantially become very real in the current year".
- See more at: http://www.indianexpress.com/news/economic-survey-2013-india-growth-projected-at-6.16.7--likely-to-hit-fiscal-deficit-of-5.3-/1080498/#sthash.MBeVKqJM.dpuf
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