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

El Nino may make a comeback in 2017, but unlikely to affect southwest monsoon (downtoearth,)

In 2016, the world witnessed the strongest El Nino on record, which resulted in above average temperatures. The year experiences record-breaking heat for nine consecutive months. It had also ruined the Indian monsoon for two years. After two successive droughts in 2014 and 2015, last year witnessed erratic rainfall both in terms of geographical spread and time. Thanks to El Nino, the southwest monsoon in 2014 and 2015 witnessed a deficit of 11 and 14 per cent respectively.

While the 2016 monsoon season in India saw 97 per cent rainfall, it was far less than the 106 per cent that the India Meteorological Department (IMD) had forecast in July. The lesser-than-expected rainfall, especially in the second half of the monsoon season, has been attributed to the absence of a strong La Nina phenomenon in the equatorial Pacific Ocean that is known to help the Indian monsoon.

According to a recent forecast by the National Oceanic and Atmospheric Administration (NOAA), there’s a 50 per cent chan…

Current Affairs MCQ for UPSC Exams – 21 December 2016

Q.1- Which of the following is/are correct regarding Nirbhaya missile?

1. It is a cruise missile
2. It is hypersonic in speed
A. 1 only
B. 2 only
C. Both
D. None

Q.2- Khanjar-III is military exercise between which of the following countries?

A. India and Russia
B. Russia and China
C. India and Kyrgyzstan
D. Russia and Afghanistan

Q.3- UPI has been in news recently, what is the full form of UPI?

A. Unified Payment Interchange
B. Unified Payment Interface
C. Unified process interchange
D. Unified process interface


Answer  1-A, 2 -C, 3-B

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