Economic Survey: 2013/14 GDP growth pegged at 6.1-6.7 per cent

 

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:

• 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

Touhid Hussain
PGDM 2ND SEM