The Economic Survey states that policy bottlenecks have hurt the economy and also calls for measures to curb subsidies.
India's chief economic advisor Raghuram Rajan says global macro-economic situation is likely to improve this year, aiding the coutnry's economy.
It is a matter of serious concern (the Economic Survey pegging the current economic growth rate at 5 per cent). It brings us close to reality, says Leader of the Opposition in Rajya Sabha, Arun Jaitley.
According to the Economic Survey 2012-13, the national carrier has registered all-round enhanced performance such as on-time performance at 85 per cent, passenger load factor at 70.9 per cent and yield at Rs 4.31 per revenue passenger kilometre during the April-October period.
CPI MP Gurudas Dasgupta says If one goes through the Economic Survey (2012/13) carefully, industrial production is at an all-time low of three per cent.
The government expressed hope that the fiscal deficit targets remain achievable and pegged a growth rate of over 6 per cent for the next fiscal.
The domestic prices of petroleum products, particularly diesel and LPG need to be raised in line with their prices prevailing in the international market, the survey said.
The finance ministry on Wednesday released the Economic Survey for 2012-13, a day before Finance Minister P Chidambaram unveils the budget.
The survey also pushed for fast action on the ground after the opening up of the retail trade industry to overseas companies and said this will not just pave the way for flow of investment in new technology, but also for marketing of farm produce in India.
The forecast comes against the backdrop of a deceleration in growth in the previous two fiscals. Indian economy is estimated to grow around 5 per cent in 2012-13.
The Economic Survey to be tabled in Parliament is likely to suggest a series of steps to arrest the declining GDP growth, which is estimated to be at the decade-low of 5 per cent in the current fiscal.
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