Economic Survey 2014 highlights downwards risk to economy from Monsoon

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Economic Survey 2014 highlights downwards risk to economy from Monsoon
The Economic Survey presented by Finance Minister Arun Jaitley in Parliament highlighted the risks to the economy from the possibility of a poor monsoon.

The Survey also said that there was a need to shift the subsidy programme from price subsidies to income support.

Fiscal deficit which has remained a cause for concern has been been pointed out by the Survey to be worse than expected.

As regards inflation the Economic Survey said that restoring freedom of farmers and allowing them to be part of competitive national market was essential to control food inflation. The survey also pointed to a need for common market for marketing agricultural commodities.

On the inflation front it was observed that the Wholesale Price Index inflation was expected to moderate by end-2014. However, the Survey said that the Government needs to move towards low and stable inflation through fiscal consolidation.

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