Monday, September 1, 2014
The Economic Survey 2013-14 reveals India's GDP growth rate at 5.4 - 5.9%
Agriculture and allied sector grew at 4.7 per cent, while industry grew at 0.4 per cent in 2013-14.
Consumer price inflation declined from 10.21 per cent during FY 2013-14 to about 9.49 per cent in 2013-14. However, food inflation remained stubbornly high during FY 2013-14.
India’s balance-of-payments position improved in 2013-14 with current account deficit (CAD) at 32.4 billion (1.7 per cent of GDP) as against $88.2 billion (4.7 per cent of GDP) in 2012-13.
The Survey identifies the need to address long run problems to improve the investment climate. It emphasises the need for creating a framework for low and stable inflation, setting public finances on a sustainable path by tax and expenditure reform, and creating the legal and institutionalframework for a well-functioning market economy.
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