Following are the major Higlhlights of the Economic Survey 2012-13
• GDP growth seen at 6.1-6.7 percent in 2013/14
• Government target for fiscal deficit is 4.8 pct of GDP in 2013/14
• Government target for fiscal deficit is 3 pct of GDP in 2016/17
• Headline WPI inflation may decline to 6.2-6.6 pct by March2013
• Focus on curbing imports, making oil prices more market determined to reign in current account deficit
• Foreign Institutional Investors (FIIs) flows need to be targeted towards long-term rupee instruments
• Prioritisation of expenditure seen as key ingredient of credible medium-term fiscal consolidation plan
• Raising tax to GDP ratio to more than 11 percent seen as critical for sustaining fiscal consolidation
• Room for accommodative monetary policy with expected fiscal consolidation
• India likely to meet fiscal deficit target of 5.3 pct of GDP in 2012/13, despite significant shortfall in revenues
• Recommends curbing gold imports to reign in current account deficit
• Room to increase exports in the short run limited
• Industrial output seen growing around 3 pct in 2012/13
• Govt priority to fight inflation by reducing fiscal impetus to demand as well as by focusing on incentivizing food
production.
• More jobs in low productivity construction sector
• Balance of Payments under pressure with net exports decline
• Service sector has shown more resilience despite global slowdown
• Pitches for hike in price of diesel and LPG to cut subsidy burden
• Railway freight grows by 5.1 per cent in 2012-13
• Foreign Exchange reserves remains steady at USD 295.6 Billion at December 2012 end.
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