Following are the highlights of Economic Survey 2013-14 presented by Finance Minister Arun Jaitley in Parliament on Wednesday:
*GDP growth seen at 5.4-5.9% in 2014/15
*Growth rate of 7-8% 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% 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 and Iraq crisis a risk
*Industrial growth expected to revive gradually over 2 years
*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 and 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 years
*Allow private companies to mine coal commercially
*Gold & silver imports dropped 40% to $33.4 billion 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% in 1990 to 3.3% in 2013 faster than goods exports
*Despite deceleration, services GDP growth at 6.8% was above the 4.7% 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% in 2004/05 to 21.9% in 2011/12.
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
 "jaitley")
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}