Following are highlights of the report:

> GDP growth seen at 6.1-6.7% in 2013/14

> India likely to meet fiscal deficit target of 5.3 pct of GDP in 2012/13, despite "significant" shortfall in revenues

> Government target for fiscal deficit is 4.8 pct of GDP in 2013/14

> Government target for fiscal deficit is 3 pct of GDP in 2016/17

> Prioritisation of expenditure seen as key ingredient of credible medium-term fiscal consolidation plan

> Raising tax to GDP ratio to more than 11 pct seen as critical for sustaining fiscal consolidation

> Room for accommodative monetary policy with expected fiscal consolidation

> Headline inflation may decline to 6.2-6.6 pct by March

> Focus on curbing imports, making oil prices more market determined to reign in current account deficit

> Recommends curbing gold imports to reign in current account deficit

> Room to increase exports in the short run limited

> Foreign Institutional Investors (FIIs) flows need to be targeted towards long-term rupee instruments

> Industrial output seen growing around 3 pct in 2012/13