According to the Economic Survey 2013-14, tabled in Parliament on July 9, 2014, by Mr Arun Jaitley, Union Minister for Finance, Government of India, the gross domestic product (GDP) is expected to grow at 5.4-5.9 per cent in FY15. The Survey reports that the services sector constituted a 57 per cent share in GDP at factor cost (at current prices) in FY 14.
The main highlights of the survey are:
- Gross domestic product (GDP) is expected to grow at 5.4–5.9 per cent in FY15.
- India has the second fastest growing services sector with compound annual growth rate (CAGR) of 9 per cent.
- Services constituted a 57 per cent share in GDP at factor cost (at current prices) in FY 14, an increase of 6 per cent points over FY01.
- Foreign exchange reserves grew to US$ 304.2 billion by March 2014 from US$ 292 billion at the end of March 2013.
- Annual average exchange rate of the rupee went up from Rs 47.92 (US$ 0.8) per US dollar in 2011–12 to Rs 54.41 (US$ 0.91) per US dollar in 2012–13 and further to Rs 60.5 (US$ 1.01) per US dollar in 2013–14.
- Revenue receipts in 2013–14 were Rs 1,015,279 crore (US$ 169.85 billion), 8.9 per cent of the GDP. The gross tax revenue in 2013–14 was estimated at Rs 1,133,832 crore (US$ 189.68 billion), 10 per cent of the GDP.
- Fiscal deficit for 2013–14 has been contained at Rs 508,149 crore (US$ 85.01 billion) (provisional) – 4.5 per cent of the GDP (4.9 per cent in 2012–13).
- Indirect tax collection for 2013–14 stood at Rs 496,231 crore (US$ 83.02 billion) as compared to Rs 473,792 crore (US$ 79.26 billion) in 2012-13.
- Direct tax collection for 2013–14 was Rs 633,473 crore (US$ 105.98 billion)
- 88,537 megawatt (MW) power capacity is planned to be added over the next five years.
- US$ 1 trillion investment is required in infrastructure in the next five years.
- The agriculture and allied sectors achieved a growth of 4.7 per cent in 2013–14 against its long-term average of around 3 per cent (between 1999–2000 and 2012–13).
- A record food grains production of 264.4 million tonnes expected in 2013-14. An increase of more than 20 million tonnes over the average production during the previous five years.
- The passage of the Pension Fund Regulatory and Development Authority (PFRDA) Act, the shift of commodity futures trading, Financial Sector Legislative Reforms Commission (FSLRC) report, were the three major milestones of the year 2013–14.
- The Reserve Bank of India (RBI) has identified five sectors – infrastructure, iron and steel, textiles, aviation, and mining – as the stressed sectors.
- Till May 7, 2014 a total of 67.11 lakh members have been enrolled under the NPS with a corpus of Rs 51,147 crore (US$ 8.55 billion).
- Proportion of working age population to increase from 58 per cent in 2001 to over 64 per cent in 2021
- India ranks first in global milk production and accounts for 17 per cent of world production. India recorded a peak production of milk at 132.43 MT in the year 2012-13.
- Milk production has become an important secondary source of income for 70 million rural households engaged in dairying and for 70 per cent of the workforce that comprises women.
- India ranks second in world fish production, contributing about 5.4% of global fish production.
- India is the second largest producer of fruits and vegetables.
- India is the largest producer and exporter of spices.
- India is the largest producer of mango, banana, coconut, cashew, papaya, and pomegranate.
Click here for more details on the Economic Survey 2013-14.