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

Rajesh Goyal

Economic Survey is presented
every year, just before the
Union Budget. This survey is
a flagship annual document of
the Ministry of Finance,
Government of India as it
reviews the developments in the
Indian economy over the
previous 12 months. It
summarizes the performance
on major development
programmes, and highlights
the policy initiatives of the
government and the prospects
of the economy in the short to
medium term. It also serves as
an indicator of what is likely to
be contained in the General
Budget proposals

The economic survey for
2012-13 was prepared by a
team of economists led by Chief
Economic Advisor Raghuram
Rajan and presented in
Parlilament by FM on 27th February, 2013. The survey pitches for speeding up economic
reforms to activate a sluggish economy. .
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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
Governments 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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