Economic Survey of India

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Last updated: Feb, 2013

According to the Economic Survey 2012-13, tabled in Parliament on February 27, 2013, by Mr P Chidambaram, the Union Finance Minister, the economy grew at 5.0 per cent in 2012-13 and is expected to grow at 6.1-6.7 per cent in the next fiscal year. Manufacturing and Services sector have registered impressive gains. The Survey reports that the services sector registered a growth rate of 6.6 per cent while the manufacturing sector growth rate was 1.9 per cent in 2012-13.

The main highlights of the survey are:

  • Indian Economy grew at 5.0 per cent in 2012-13 and is expected to grow at 6.1-6.7 per cent in next fiscal year
  • Prioritisation of expenditure key ingredient of credible medium-term fiscal consolidation plan
  • India likely to meet fiscal deficit target of 5.3 per cent of GDP in 2012-13
  • Overall industrial performance, as reflected by the index of industrial production (IIP) showcased growth of 2.1 per cent in Q3 of 2012-13
  • WPI inflation to decline to 6.2-6.6 per cent in March 2013
  • Cumulative exports recorded during 2012-13 (April-December) stood at Rs 1,166,439 crore (US$ 217.09 billion), registering a growth of 9.4 per cent
  • Imports in 2012-13 (April-December) at Rs 1,967,522 crore (US$ 366.20 billion) registered a growth of 29.4 per cent
  • Foreign exchange (Forex) reserves stood at US$ 295.6 billion at end December 2012
  • Services sector grew by 6.6 per cent, its share in gross domestic product (GDP) goes upto 56.5 per cent
  • Manufacturing sector registered a growth rate of 1.9 per cent in 2012-13
  • Foreign trade performance to remain a key driver of growth
  • Central Government spending on social services went up to 13.04 per cent this fiscal (2012-13) from 11.06 per cent in 2007-08
  • Net capital flows stood at US$ 39.3 billion in the first half of 2012-13
  • India's external debt stock stood at US$ 365.3 billion at end September 2012

For more details on the Economic Survey 2012-13, click here

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