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Economic Survey: 2013/14 GDP growth pegged at 6.1-6.7 per cent

BT Online Bureau     February 27, 2013
The finance ministry on Wednesday released the Economic Survey 2012-13, a day before Finance Minister P Chidambaram unveils the budget. Here are the highlights:
  • Free legal services benefit more than 7.82 lakh persons from 1st April, 2012 to 31st October, 2012
  • Expenditure on social services increased considerably in 12th Plan
  • Upward trend in employment maintained; Overall employment increased by 6.94 lakh in June 2012 over June 2011
  • Economic Survey acknowledges benefits of market diversification
  • Measures taken by government to protect consumers from price rise 
  • Rs 12,517 cr capital to be infused in PSB'st to augment their Tier-1 Capital
  • Fast agricultural growth remains vital for jobs, incomes and food security
  • Raising tax to GDP ratio to more than 11 pc critical for sustaining fiscal consolidation
  • Robust Inflow of FDI in the Services Sector
  • Chandigarh tops with highest share of services in GSDP with 85%
  • India has highest increase in share of services in GDP at 8.1%
  • Govts key initiatives to boost manufacturing 
  • Government to raise Rs 40,000 cr through disinvestment  
  • Growth outlook for developed nations uncertain
  • Higher agri output to lower inflation
  • Employment rose 1.6% in the last decade
  • Direct cash transfer to curb leakages
  • Pegs FY14 GDP growth rate at 6.1 to 6.7 per cent
  • Oil subsidy key fiscal risk
  • Reforms should be accelerated to boost growth
  • Foreign Exchange reserves remains steady at $295.6 bn at Dec 2012 end
  • Need to cut impediments for investment
  • Tax base should be increased
  • 5.3% fiscal deficit target achievable
  • WPI inflation may decline to 6.2-6.6%
  • Railway freight grows by 5.1 per cent in 2012-13
  • Need to cut subsidy and leakages
  • IIP growth may remain sluggish
  • Room to increase exports limited
  • Need to curb gold imports
  • Recent steps to boost FY14 outlook
  • Diesel price hike to put upward pressure on inflation
  • Lower inflation to create room for rate cuts
  • Food subsidy bill to increase subsidy
  • Trade deficit, CAD a matter of concern
  • Fiscal consolidation key to high growth
  • WPI inflation to continue to moderate

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