Economic Survey 2013-14

Economic Survey 2013-14 According to the Economic Survey 2013-14 presented in the Parliament on 9 July 2014 the growth rates of productivity in agriculture sector are far below global standards and the productivity levels of rice and wheat have declined after the green revolution of the 1980s. It has also expressed concern over soil degradation due to declining fertilizer-use efficiency. Read full text. In 2014-15, the Indian economy is poised to overcome the sub-5 per cent growth of gross domestic product (GDP) witnessed over the last two years. The growth slowdown in the last two years was broad based, affecting in particular the industry sector. Inflation too declined during this period, but continued to be above the comfort zone, owing primarily to the elevated level of food inflation. Yet, the developments on the macro stabilization front, particularly the dramatic improvement in the external economic situation with the current account def icit (CAD) declining to manageable levels after two years of worryingly high levels was the redeeming feature of 2013-14. The f iscal def icit of the Centre as a proportion of GDP also declined for the second year in a row as per the announced medium term policy stance. Reflecting the above and the expectations of a change for the better, f inancial markets have surged. Moderation in inflation would help ease the monetary policy stance and revive the conf idence of investors, and with the global economy expected to recover moderately, particularly on account of performance in some advanced economies, the economy can look forward to better growth prospects in 2014-15 and beyond.

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