Tuesday, February 26, 2013

Economic Survey to prescribe steps to arrest declining growth

The Economic Survey to be tabled
in Parliament tomorrow is likely to suggest a series of steps
to arrest the declining GDP growth, which is estimated to be
at the decade-low of 5 per cent in the current fiscal.

  Prepared by a team of economists, led by Chief Economic
Advisor Raghuram Rajan, the Survey is likely to make a strong
case for accelerating economic reforms to neutralise domestic
and global factors which have stymied growth.

As the official assessment of the country's economy, the
Survey is customarily tabled in Parliament by Finance Minister
ahead of the General Budget. The document is viewed as being
important because it prescribes steps for the government to
deal with various economic problems, leaving the onus of
taking hard decisions on the government.

The major focus of the Survey this year is likely to be
on pushing economic growth, which has been projected by the
Central Statistical Organisation (CSO) at 5 per cent for this
fiscal, sharply lower than the original estimate of 7.6 per
cent (+/- 0.25 per cent).

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