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Economic Survey 2012-13

Union Finance Minister P. Chidambaram on 27 February presented the Economic Survey 2012-13 in the Lok Sabha of the Parliament.

Economic survey

Economic survey

  • Indian economy expected to grow between 6.1% to 6.7% in 2013-14, GDP growth in 2012-13 is estimated to be 5%.
  • Inflation is expected to come down to 6.2 – 6.6% by March 2013.
  • Fiscal deficits in 2012-13 likely to be contd. at 5.3%.
  • Fiscal deficits target pegged at 4.8% of GDP for 2013-14 and 3% 2016-17.
  • Efforts required to contain subsidies through better targeting and reducing leakage.
  • To contain current account deficit, focus on curbing imports, making oil prices more market determined.
  • Industrial output estimated to be growing around 3% in 2012-13.
  • Despite improvement in food production country faces the stiff challenge of feeding its growing population.
  • Non-Performing Assets (NPA) of the banking sector increased from 2.36% in March 2011 to 3.57% in Sept 2012.
  • Foreign exchange reserves remain steady; by the end of Jan 2013 they stood at US $ 295.5 billion.
  • India facing stiff competition from several emerging countries in BPO section.
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