Highlights of India's economic outlook

Following are the highlights of the Economic Outlook 2013-14 released by Prime Minister's Economic Advisory Council (PMEAC) Chairman C Rangarajan on Friday:

GDP growth for 2013-14 lowered to 5.3%, from 6.4% in April

Growth likely to pick up in the second half of 2013-14

Agriculture growth pegged at 4.8%, industry at 2.7%

Services growth to decelerate to 6.6%, from 7.% in 2012-13

March-end inflation projected at 5.5%

Current Account Deficit (CAD) main concern, may come down to USD 70 billion or 3.8% of GDP

Trade deficit projected at $185 billion

Gold imports seen at $38 billion

Net capital inflows to come down to USD 61.4 billion from USD 89.4 billion

Rupee at current level is well corrected, will strengthen with improvement in CAD

Containing fiscal deficit at 4.8% of GDP a challenge

Expenditure compression, subsidy restructuring necessary to avoid fiscal slippages

Current monetary policy stance should continue till rupee stabilises

Liberalise FDI norms, resolve tax issues, focus on coal, power sector to promote growth

Domestic savings rate to increase to 31%, from 30.2% in 2012-13

Investment rate to decline to 34.7% of GDP from 35%