Highlights of the Economic Survey 2013-14

Finance Minister Arun Jaitley on Wednesday tabled the pre-Budget Economic Survey in the Lok Sabha.

Highlights of the Economic Survey: 

* GDP growth seen at 5.4-5.9 pc in 2014/15

* Growth rate of 7-8 pc can occur after 2015/16

* Poor monsoon, external factors pose risk to growth

* Need subsidy reforms for fiscal consolidation

* Raise tax-to-GDP ratio for fiscal consolidation

* CAD to be contained at 2.1 pc of GDP in 2014-15

* Wholesale inflation expected to moderate by end-2014

* Retail inflation showing signs of moderation

* Reduce spillovers from food to non-food inflation by putting in place a formal monetary policy framework

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* Contain revenue shortfall via better mobilisation, reforms

* Move towards simple tax regime, fewer exemptions, GST rate

* Need DTC as clean modern replacement for existing I-T laws

* Cutting capital expenditure not good for economy

* Changes in tax administration required

* Need sharp fiscal correction, new FRBM Act with 'teeth'

* Government needs to move towards low and stable inflation through fiscal consolidation 

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 * RBI intervention in forex market behind accumulation of reserves "generally"

* Rupee has stabilised, reflecting an overall sense of confidence in forex and capital markets

* Time over-runs in infra project main cause of under achievement in the sector

* Exports still fragile; Iraq crisis a risk

* Industrial growth expected to revive gradually over 2-yr

* Indian legislation governing business need thorough revamp

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* Improve business environment by shifting important decision making from inspectors to higher officers

* Re-examine laws that empower govt to interfere in markets

* Capital controls under FEMA do not support rapidly globalising economy.

* Banking sector impacted by global and domestic slowdown

* State APMC laws hurdle to modernisation of good economy; have created cartels of buyers who possess market power

* Foodgrains production to go up to 264.4 MT in 2013/14

* Need to review nutrient-based fertiliser subsidy 

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* Plan to add 88,537 MW power capacity over next 5 yrs

* Allow private companies to mine coal commercially

* Gold & silver imports dropped 40 pc to $33.4 bn in 2013/14

* Improvement in fiscal deficit and CAD to feed higher growth

* India's increase in share in world services exports from 0.6 pc in 1990 to 3.3 pc in 2013 faster than goods exports

* Despite deceleration, services GDP growth at 6.8 pc was above the 4.7 pc overall GDP in 2013/14

* 3 milestones of 2013/14: passage of PFRDA Act, shift of commodity futures trading into FinMin & presentation of FSLRC report

* Poverty ratio declined from 37.2 pc in 2004/05 to 21.9 pc in 2011/12. 

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