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Wednesday, 9 July 2014

EconomicSurvey‬ of India 2013-14 HIGHLIGHTS

1. The GDP is projected at 5.4-5.9% for 2014-15. But it says the growth could be on the lower side of the projections.
2. India's current account deficit has improved dramatically from 4.7% of GDP in 2012-13 to 1.% in 2013-14. India’s foreign exchange reserves increased from US $ 292.0 billion at the end of March 2013 to US $ 304.2 billion at the end March, 2014.
3. The service industry consisted of 57% of GDP in 2013-14, up by 6 percentage points in 2001.
4. India's external debt has remained within manageable limits with restrictions on foreign borrowings continuing. India’s external debt stock at the end of March 2013 stood at US $ 404.9 billion (Rs 2,200,410 crore), recording an increase of US$ 44.1 billion (12.2 per cent) over the previous year’s level of US $ 360.8 billion (Rs 1,844,167 crore).
5. Fiscal consolidations will remain crucial for the party with the fiscal deficit being contained at 4.5% of GDP. Total outstanding liabilities of both the central and state government has gone down as percentage of GDP.
6. India's economic growth remained subdued at 4.7% in 2013-14 and at 4.6% in the fourth quarter of the financial year, mainly due to a decline in manufacturing and mining output. The country's economy, or gross domestic product (GDP), had expanded at 4.5% in 2012-13, the slowest pace in the past decade. Growth in 2013-14 was less than the Central Statistics Office's advance estimate of 4.9%. The economy expanded 4.4% in the fourth quarter (January-March) of 2012-13, according to official data released by the Central Statistics Office (CSO).
7. FY14 CPI inflation about 9.49% and WPI inflation at 5.98%
8. Replacing all indirect taxes by GST to create national market. Central GST could be first step towards full GST.
9. DTC required as clean modern replacement for existing laws
10. Need to restructure Coal India swiftly to up output. Need to permit commercial coal mining by private companies.
11. No cause of alarm on El Nino as grain stock adequate. Need to examine inclusion of farm-related taxes in GST. Need to reform APMC, land tenacy laws. Need large scale private investment in food processing.
12. Allowing FDI in defence has large-scale investment scope