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HOME /  MUST KNOW NEWS /  Detailed News

Highlights of Economic Survey 2013-14

[Sharekhan] 27 Feb 2013 12:23 PM

Tags: Economic Survey |  Highlights |  GDP |  WPI |  Inflation |  FDI |  Rate Cuts     

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Sharekhan presents major highlights of Economic Survey 2013-14:

  • Government tables Economic Survey for 2012-13.
  • WPI Inflation may decline to 6.2-6.6% in March.
  • Indian Economy likely to grow at 6.1-6.7%.
  • Lower Inflation to create more room for rate cuts.
  • Indian Economy likely to grow at 6.1-6.7% in FY14.
  • Growth downturn more or less over; economy looking up.
  • Oil Subsidy key fiscal risk; needs to be addressed.
  • Need to up diesel, LPG prices in-line with global rates.
  • Diesel price hike to put upward pressure on Inflation.
  • Controlling subsidy expenditure is essential.
  • Economic slowdown a 'wakeup' call for stepping up reforms.
  • Medium term fiscal consolidation plan is credible.
  • Rate cuts in developed markets may lower domestic inflation.
  • Concerned about Food Security bill pushing up subsidy.
  • Fast agricultural growth remains vital for jobs, incomes and food security.
  • Cut in current account gap must focus on curbing imports.
  • Eco Survey talks of boosting capital growth.
  • Legal Services Show a Steady Annual Growth of 8.2%.
  • Survey hints more public spending by government owned companies.
  • Survey hints at fiscal deficit of 5.1%; devil in the fine print.
  • The deficit target should be the right signal to investors.
  • Prioritisation of expenditure seen as key ingredient of credible medium-term fiscal consolidation plan.
  • Shift in RBI's policy stance desirable.
  • IIP growth may remain sluggish.
  • Lower interest rates could boost investments.
  • Outlook for exports still uncertain.
  • 3% growth in traffic handled by ports during 2011-12, non major ports grow by 11.5%.
  • Tourism, railways and telecom continue to lead other sectors..
  • Robust inflow of FDI in the Services sector.
  • Government's priority will be to fight high inflation.
  • Economic Survey 2013 for widening tax base and prioritising expenditure to check fiscal deficit.
  • Railway freight grows by 5.1% in 2012-13.
  • Need to cut curb gold imports to cut current account deficit.
  • FY13 tax mop up growth is lower than Budget aim.
  • Survey bets on savings to grow with the uptake in growth in the economy.
  • Need to raise LPG, diesel prices in line with global rates.
  • Capital inflows enough to finance current account deficit.
  • India has highest increase in share of services in GDP at 8.1%.
  • Chandigarh tops with highest share of services in GSDP with 85%.
  • Global economy and relative lower uptake may impact export projections.
  • Survey signals higher divestment by government; Times for retail investors to own shares in blue chip government companies.
  • Economic Survey takes note of the high level of gross NPAs.
  • India, an emerging economic power, still has states that are only getting connected like Arunachal Pradesh and large pockets of darkness.
  • Regulatory bodies need to establish autonomy to boost growth.
  • More sectors have to come in under PPP apart from physical infrastructure.
  • Healthcare, education and social entrepreneurship need to grow through PPP.
  • Model contracts for developers need to improve to maximise the public private partnership projects. PPP projects in 2011-12 rose to 900 in number as against 600.
  • Foreign Exchange reserves remains steady at $295.6 billion at December 2012 end.
  • Uptake in energy and infrastructure growth can ease inflation and boost growth and consumption.
  • Expenditure on social services increased considerably in 12th Plan; education accounted for largest share, followed by health.
  • About Rs7 lakh crore spent on the 15 major flagship programmes in the 11th Plan period.
  • Steps taken to secure the rights of people, like RTI, MGNREGA, Forest Rights Act, & the Right to Education.
  • DBT with Unique Identification Number (Aadhaar) has potential to plug leakages in distribution of schemes.
  • Upward trend in employment maintained; overall employment increased by 6.94 lakh in June 2012 over June 2011.
  • FDI inflows in services sector grew robustly at 57.62% compared to growth of overall FDI inflows at 33.6%, in 2011-12.
  • Indian economy responded strongly to fiscal & monetary stimulus & achieved growth of 8.6% & 9.3% in 2009-10 and 2010-11.
  • Lower interest rates made possible by decline of investment will help recovery.
  • Indian economy faces two big risks – investor preference for risks falls and crude price increase.
  • Global economy will not provide much upside to the Indian economy.
  • Free legal services benefit more than 7.82 lakh persons from 1st April, 2012 to 31st October, 2012.
  • Pressing governance issues like programme leakages and funds not reaching the targeted beneficiaries that need to be addressed.
  • Nearly half the additions to the Indian labour force over the period 2011-30 will be in the age group 30-49.
  • Rupee remained volatile in the range of Rs53.02 to Rs54.78 per US dollar during October 2012 to January 2013.
  • Global economy is also likely to recover in 2013 and various government measures will help in improving the Indian economy.
  • The way out of slowdown is to shift spending from consumption to investment by removing bottlenecks to investments.
  • Wholesale inflation coming down, but rising food inflation remains a worry.
  • Falling savings without a corresponding fall in aggregate investments has widened the current account deficit.
  • The slowdown has affected every sector of the economy.
  • Increased dependence on foreign borrowings is a concern.
  • Government measures announced will help contain deficits and put the economy on path to recovery.
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