Highlights of Economic Survey 2014

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    Highlights of Economic Survey 2014
    Here are the highlights of the Economic Survey tabled by Finance Minister Aun Jaitley in parliament today.

    * Long-term external debt accounts for 78.2 percent of total external debt at end-December 2013 against 76.1 percent at end-March 2013. Long-term debt at end-December 2013 increased by $25.1 billion (8.1 percent) over the level at end-March 2013 while short-term debt declined by $4 billion (4.1 percent), reflecting a fall in imports

    * Wholesale Price Index inflation fell to three-year low of 5.98 percent during 2013-14

    * Consumer Price Inflation also showed signs of moderation

    * Both Wholesale and Consumer Price Inflation expected to go downward

    * Fiscal consolidations remains imperative for the economy

    * Fiscal consolidation recommended through higher tax-GDP ratio then merely reducing the expenditure-GDP ratio

    * Proactive policy action helped government remain in fiscal consolidation mode in 2013-14

    * Fiscal deficit for 2013-14 contained at 4.5 percent of GDP

    * Total outstanding liabilities of the central and state governments decline as a proportion of GDP

    * India's balance-of-payments position improved dramatically in 2013-14 with the current account deficit (CAD) at $32.4 billion (1.7 percent of GDP) as against $88.2 billion (4.7 percent of GDP) in 2012-13

    * The annual average exchange rate of the rupee went up from 47.92 per dollar in 2011-12 to Rs.54.41 per dollar in 2012-13 and further to Rs.60.50 per dollar in 2013-14

    * India's foreign exchange reserves increased from $292 billion at end March 2013 to $304.2 billion at end March, 2014.

    IANS

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