highlights of ecoomic survey 2012-13

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Highlights of Economic Survey 2012-13 (Presented in Parliament on 27/02/2013 byFinance Minister P Chidambaram)

by

Rajesh Goyal

Economic Survey is presentedevery year, just before theUnion Budget. This survey isa flagship annual document ofthe Ministry of Finance,Government of India as itreviews the developments in theIndian economy over theprevious 12 months. Itsummarizes the performanceon major developmentprogrammes, and highlightsthe policy initiatives of thegovernment and the prospectsof the economy in the short tomedium term. It also serves asan indicator of what is likely tobe contained in the GeneralBudget proposals

The economic survey for2012-13 was prepared by ateam of economists led by ChiefEconomic Advisor RaghuramRajan and presented in

Parlilament by FM on 27th February, 2013. The survey pitches for speeding up economicreforms to activate a sluggish economy. .

Highlights of Ecoomic Survey 2012-13 http://www.allbankingsolutions.com/Banking-Tutor/Economic-Survey...

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Major Highlights of the Economic Survey 2012-13 are summed up below:

• GDP growth seen at 6.1-6.7 percent in FY 2013-14

• Government’s target for fiscal deficit is 4.8 pct of GDP in FY 2013-14

• Government target for fiscal deficit is 3 pct of GDP by 2016-17

• Headline WPI inflation may decline to 6.2-6.6 pct by March 2013

• 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 FY2012-13, despite significant

shortfall in revenues

• Calls for curbing of gold imports to contain current account deficit

• Room to increase exports in the short run limited

• Industrial output seen growing around 3 pct in FY 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

• Survey 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 (or USD 25960 crores) at

December 2012 end.

At present, overall energy deficit is about 8.6 per cent and peak shortage of power is about 9


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per cent.

Infrastructure bottlenecks are affecting industrial sector performance

Prospects for world trade as well as of India are still uncertain.

Survey also pitches for further opening of sectors for FDI

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