As is the norm, Indian Economic Survey for 2012-13 was tabled in the parliament today, a day prior to release of Union Budget 2013-14. We bring you the key highlights on how Indian economy performed in 2012-13 and what is expected in current financial year.
1) India’s GDP growth at factor cost in 2012-13 was pegged at 5.0 percent, nearly lowest in a decade. Finance, Insurance, Real Estate & business services sector witnessed highest growth rate of 8.6 percent, while mining & quarrying logged least growth rate of 0.4 percent.
2) India’s GDP (at current market prices) for the first time crossed 100 Trillion Rupees a growth of 11.7 percent over last year.
3) Per Capita Income of Indians (factor cost at current prices) grew to Rs. 68,747/- in 2012-13 as compared to Rs. 61,564 in 2011-12.
4) Overall Exports contracted by 4.9 percent (Apr12 – Jan 13) as compared to 21.3 percent growth last year.
5) Imports remaining as is witnessing neither growth or contraction.
6) Foreign Exchange Reserves marginally improved to USD 295.5 billion dollars, however still lower than 2010-11 levels.
7) Gross Fiscal Deficit reduced to 5.1 percent of GDP as compared to 5.7 percent last year. Though Fiscal deficit has come down, they could not meet the target set last year.
8) Current account Deficit increased from 4.0 (as percent of GDP) in 2011-12 to 4.6 in 2012-13
9) In 2012, at 5 percent, India witnessed 2nd highest growth in select economies. China was highest recording a growth rate of around 8 percent.
10) Services Sector contributed to maximum growth of Economy. Nearly 80 percent growth was attributed to Services sector.
Download full Indian Economic Survey Report here [Though it still shows 2011-12 report in title, the documents have been replaced with 2012-13 ones]