Skip to main content

Economic Survey 2013-14: Highlights






Finance Minister Arun Jaitley tabled the Economic Survey for FY 2013-14 in Lok Sabha on Wednesday, ahead of the Union Budget.


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


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


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

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

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.

Setting up public finances by tax & expenditure reform


Creating legal & regulatory framework for well-functioning market economy

CAD at USD 32.4 billion (1.7% of GDP) 2013-14 as against USD 88.2 billion (4.7% of GDP) in 2012-13

Foreign exchange reserves up from USD 292 bn at end March 2013 to USD 304.2 bn at end March 2014

Exports up 4.1% in 2013-14, compared to previous year’s negative growth of 1.8%




: Economic Survey 2013-14

Popular posts from this blog

Cloud seeding

Demonstrating the function of the flare rack that carries silver iodide for cloud-seeding through an aircraft. 
Water is essential for life on the earth. Precipitation from the skies is the only source for it. India and the rest of Asia are dependent on the monsoons for rains. While the South West Monsoon is the main source for India as a whole, Tamil Nadu and coastal areas of South Andhra Pradesh get the benefit of the North East Monsoon, which is just a less dependable beat on the reversal of the South West Monsoon winds.

SC asks Centre to strike a balance on Rohingya issue (.hindu)

Supreme Court orally indicates that the government should not deport Rohingya “now” as the Centre prevails over it to not record any such views in its formal order, citing “international ramifications”.

The Supreme Court on Friday came close to ordering the government not to deport the Rohingya.

It finally settled on merely observing that a balance should be struck between humanitarian concern for the community and the country's national security and economic interests.

The court was hearing a bunch of petitions, one filed by persons within the Rohingya community, against a proposed move to deport over 40,000 Rohingya refugees. A three-judge Bench, led by Chief Justice of India Dipak Misra, began by orally indicating that the government should not deport Rohingya “now”, but the government prevailed on the court to not pass any formal order, citing “international ramifications”. With this, the status quo continues even though the court gave the community liberty to approach it in …

Indian Polity Elections (MCQ )

1. Who of the following has the responsibility of the registration of voters
a) Individual voters
b) Government
c) Election commission
d) Corporations


2. Democracy exists in India, without peoples participation and co operation democracy will fail. This implies that
a) Government should compel people to participate and cooperate with it
b) People from the government
c) People should participate and cooperate with the government
d) India should opt for the presidential system


3. Which of the following are not the functions of the election commission
1) Conduct of election for the post of the speaker and the deputy speaker, Lok sabha and the deputy chairman, Rajya sabha
2) Conduct of elections to the state legislative assemblies
3) Deciding on all doubts and disputes arising out of elections

a) 1 and 2
b) 1 and 3
c) 2 and 3
d) 2

4. Which of the following electoral systems have not been adopted for various elections in India
1) System of direct elections on the basis of adult suffrage
2…