Finance minister Arun Jaitley on Wednesday tabled pre-budget Economic Survey in Lok Sabha. As per the Economic Survey, the GDP growth for 2014-15 was pegged at 5.4 to 5.9%.
The fiscal situation of the government is worse than it appears, the survey said.
The annual report was prepared by Ila Patnaik, a well-respected economist who was appointed as senior economic advisor to the finance ministry in April.
Following are highlights of the report:
Growth
* GDP growth seen at 5.4-5.9 pct in 2014/15.
* Downward risk to economic growth due to poor monsoon, external factors.
Fiscal deficit
* Need for subsidy reforms for fiscal consolidation
Inflation
* Wholesale Price Index inflation expected to moderate by end-2014
* Government needs to move towards low and stable inflation through fiscal consolidation
The fiscal situation of the government is worse than it appears, the survey said.
The annual report was prepared by Ila Patnaik, a well-respected economist who was appointed as senior economic advisor to the finance ministry in April.
Following are highlights of the report:
Growth
* GDP growth seen at 5.4-5.9 pct in 2014/15.
* Downward risk to economic growth due to poor monsoon, external factors.
Fiscal deficit
* Need for subsidy reforms for fiscal consolidation
Inflation
* Wholesale Price Index inflation expected to moderate by end-2014
* Government needs to move towards low and stable inflation through fiscal consolidation
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