Highlights Of Economical Survey 2013-14

A twenty-four lx minutes catamenia ahead of the Union Budget 2014-15, Indian Finance Minister Arun Jaitley has presented the Economic Survey for the yr 2013-14 inwards Lok Sabha today (9th July 2014). According to this survey, India’s economic scheme is expected to grow betwixt 5.4 percent as well as 5.9 Per Cent inwards the electrical flow financial year. A flagship annual document of the Ministry of Finance, the Economic Survey reviews the developments inwards the Indian economic scheme over the previous 12 months, summarizes the functioning on major evolution programs, as well as highlights the policy initiatives of the authorities as well as the prospects of the economic scheme inwards the curt to medium term.  Below are the highlights of Economic Survey 2013-14. 

Major Highlights of the Economic Survey 2013-14

  • GDP growth seen at 5.4-5.9% inwards 2014/15
  • Growth charge per unit of measurement of 7-8% tin give later on 2015/16
  • Poor monsoon, external factors pose guide a opportunity to growth
  • Need subsidy reforms for financial consolidation
  • Raise tax-to-GDP ratio for financial consolidation
  • CAD to endure contained at 2.1% of gross domestic product inwards 2014-15
  • Wholesale inflation expected to moderate past times end-2014
  • Retail inflation showing signs of moderation
  • Reduce spillovers from nutrient to non-food inflation past times putting inwards house a formal monetary policy framework
  • Contain revenue shortfall via ameliorate mobilisation, reforms
  • Move towards uncomplicated taxation regime, fewer exemptions, GST rate
  • Need DTC equally build clean modern replacement for existing I-T laws
  • Cutting majuscule expenditure non skilful for economy
  • Changes inwards taxation management required
  • Need abrupt financial correction, novel FRBM Act amongst ‘teeth’
  • Government needs to motion towards depression as well as stable inflation through financial consolidation
  • RBI intervention inwards forex marketplace behind accumulation of reserves “generally”
  • Rupee has stabilized, reflecting an overall feel of confidence inwards forex as well as majuscule markets
  • Time over-runs inwards infra projection primary crusade of nether achievement inwards the sector
  • Exports all the same fragile; Republic of Iraq crisis a risk
  • Industrial growth expected to revive gradually over 2-yearr
  • Indian legislation governing concern ask thorough revamp
  • Improve concern surround past times shifting of import determination making from inspectors to higher officers
  • Re-examine laws that empower govt to interfere inwards markets
  • Capital controls nether FEMA create non back upward speedily globalizing economy.
  • Banking sector impacted past times global as well as domestic slowdown
  • State APMC laws hurdle to modernisation of skilful economy; convey created cartels of buyers who possess marketplace power
  • Foodgrains production to become upward to 264.4 MT inwards 2013/14
  • Need to review nutrient—based fertiliser subsidy
  • Plan to add together 88,537 MW ability capacity over side past times side five yrs
  • Allow person companies to mine coal commercially
  • Gold & silverish imports dropped 40% to $33.4 bn inwards 2013/14Improvement inwards financial deficit as well as CAD to feed higher growth
  • India’s increase inwards part inwards basis services exports from 0.6% inwards 1990 to 3.3% inwards 2013 faster than goods exports
  • Despite deceleration, services gross domestic product growth at 6.8% was higher upward the 4.7% overall gross domestic product inwards 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% inwards 2004/05 to 21.9% inwards 2011/12. 
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