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Economic Survey: Economy looking up, downturn nearly over

BT Online Bureau     February 27, 2013

The government expressed hope that the fiscal deficit targets remain achievable and pegged a higher growth rate of more than 6 per cent for the next fiscal.

The Economic Survey for 2012-13, which was presented by the Finance Minister P Chidambaram on Wednesday, projected that the Indian economy is likely to grow between 6.1 per cent and 6.7 per cent in the fiscal year that begins from April 1.

"The downturn is more or less over," the survey said.

The Economic Survey, authored by Chief Economic Advisor Raghuram Rajan, was tabled in Parliament by Finance Minister P. Chidambaram on Wednesday, a day ahead of the presentation of the Union Budget for 2013-14.

The survey is a report card on the state of the economy, with recommendations for the way forward.

Though the Indian economy is estimated to grow by nearly 5 per cent in the current fiscal, a number of economic reform measures taken by the finance minister have raised optimism about a growth revival in the economy.

The survey projects inflation to ease further in the next fiscal year, adding that softening price pressures will give room for the central bank to lower interest rates.

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