Survey pegs growth at a conservative level of 6.1-6.7%

Cautioning that global developments would continue to impact India's growth story, the Economic Survey

RELATED ARTICLES

today pegged the growth rate for 2013-14 at a conservative level of 6.1-6.7 per cent.

"...The overall economy is expected to grow in the range of 6.1 to 6.7 per cent in 2013-14," the pre-Budget Economic Survey tabled by Finance Minister P Chidambaram in Parliament said.

The economy is projected to grow at 5 per cent in current fiscal, the lowest in a decade. It was 6.2 per cent in 2011-12 and 9.3 per cent a year ago.

The projections for the next fiscal takes into account normal monsoon, moderation in inflation rate and mild recovery in global growth.

"While India's recent slowdown is partly rooted in external causes, domestic causes are also important," it said, adding boost to consumption coupled with supply side constraints led to higher inflation.

It said the growth story is unlikely to get support from the global economic developments and would remain tied to movement in international oil prices.

Chief Economic Advisor Raghuram G Rajan in his introduction to the Survey said: "These are difficult times, but India has navigated such times before, and with good policies it will come through stronger."

Rajan prescribed shifting national spending from consumption to investment, removing the bottlenecks to investment, growth and job creation, besides making efforts to reduce cost of funds.

Referring to the price situation, the Survey said that elevated food inflation would continue to remain an area of concern with inflation rate gradually inching towards double digit in December 2012.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Prabhu Express has trundled into town with a cargo of feel-good promises

    Railway minister Suresh Prabhu, punning on his own name, sought divine intervention more than once while delivering his maiden rail budget last Thursd

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Taslima Nasreen

The death of a liberal humanist

I first met Avijit Roy about 15 years ago. He ...

Purnendu Ghosh

Context is important in colour choices

Colours reflect power, optimism, warmth, emotion and balance. Colours are ...

Shona Adhikari

Art world celebrates two ‘new’ Cezannes

The focus moves once more to post-impressionist Paul Cezanne, who ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture