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Economic Survey 2013 : Highlights

May 16, 2013 - Decoded, Economics and Business, Miscellaneous - Tagged: economic condition of india,
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Union Finance Minister P. Chidambaram on 27 February presented the Economic Survey 2012-13 in the Lok
Sabha of the Parliament. Indias Economic Survey for 2012-13 pegs the countrys growth at 6.1-6.7% and
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inflation at 6.2-6.6% for the next fiscal 2013-14 and made a strong call for cutting subsidies.

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Economic Survey is presented every year, just before the Union Budget. It is a flagship annual document of
the Ministry of Finance, Government of India. Economic Survey reviews the developments in the Indian
economy over the previous 12 months. It summarizes the performance on major development programmes,

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and highlights the policy initiatives of the government and the prospects of the economy in the short to
medium term.
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 to activate a sluggish economy. It serves as
an indicator of what is likely to be contained in the General Budget proposals.
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Following are the major Higlhlights of the Economic Survey 2012-13

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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

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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

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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

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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
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More jobs in low productivity construction sector

Balance of Payments under pressure with net exports decline

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Service sector has shown more resilience despite global slowdown

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Pitches for hike in price of diesel and LPG to cut subsidy burden
Railway freight grows by 5.1 per cent in 2012-13

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Foreign Exchange reserves remains steady at USD 295.6 Billion at December 2012 end.

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