• Skip to primary navigation
  • Skip to content
  • Skip to primary sidebar

ClearIAS

UPSC Online Preparation

ClearIAS Prelims Test Series 2019Take Tests Online
  • Home
  • Start
    • IAS
    • IAS Exam Eligibility
    • UPSC
    • UPSC Syllabus
    • UPSC Exam Date
    • UPSC Results
    • FAQs
  • Programs
    • Prelims
    • Mains
    • Interview
  • Buy
    • IAS Books
    • eBooks (PDF)
    • Mock Test Series
  • Free
    • Guidance
    • Study Materials
    • eBooks (PDFs)
    • Mock Exams
    • ClearIAS App
    • Downloads
  • Toppers
  • Blog
  • Login

Economic Survey 2013-14 Summary

Filed Under: Current Affairs Notes, Economics Notes

Economic Survey 2013-14 is a flagship annual document of the Ministry of Finance, Government of India, and is usually presented in the Parliament day before the budget is presented. Economic Survey reviews the developments in the Indian economy over the previous 12 months, summarizes the performance on major development programmes, and highlights the policy initiatives of the government and the prospects of the economy in the short to medium term.

What does Economic Survey contain?

Economic Survey performs an analysis of last financial year, lays down objectives for next financial year, finds the challenges and concerns, suggests the solutions that can be taken and forecasts the economic situation of next year. This document is presented to both houses of Parliament during the Budget Session.

Buy Economic Survey Online

Hopefully Economic Survey will be available soon to buy online from the shopping sites like Flipkart or Amazon. Those who are comfortable reading books online in PDF format can download the 14 pdfs for FREE from the website indiabudget.nic.in.

ClearIAS Prelims Online Test Series

Economic Survey 2013-14 Summary

Both Economic Survey for 2012-13 and Economic Survey 2013-14 had 13 chapters and 1 statistical appendix. But 2013-14 replaced the special chapter on Demographic Dividend in 2012-13 with ‘Issues and Priorities’. With rest of the chapters remaining the same, let’s analyse the Economic Survey 2013-14 Highlights, at different heads like positives, concerns, solutions and forecast. We shall dig deeper into individual chapters like Agriculture, Industry or Services in coming posts.

Analysis of last financial year – The Positives:

  1. Wholesale inflation (WPI) expected to moderate by end-2014.
  2. Retail inflation (CPI) showing signs of moderation.
  3. Rupee has stabilised, reflecting an overall sense of confidence in forex and capital markets.
  4. Gold & silver imports dropped 40 pc to $33.4 bn in 2013/14.
  5. Improvement in fiscal deficit and CAD to feed higher growth.
  6. India’s increase in share in world services exports from 0.6 pc in 1990 to 3.3 pc in 2013 faster than goods exports.
  7. Despite deceleration, services GDP growth at 6.8 pc was above the 4.7 pc overall GDP in 2013/14.
  8. 3 milestones of 2013/14: passage of PFRDA Act, shift of commodity futures trading into FinMin & presentation of FSLRC (Financial Sector Legislative Reforms Commission) report.
  9. Poverty ratio declined from 37.2 pc in 2004/05 to 21.9 pc in 2011/12.
  10. CAD at USD 32.4 billion (1.7% of GDP) 2013-14 as against USD 88.2 billion (4.7% of GDP) in 2012-13.
  11. Foreign exchange reserves up from USD 292 bn at end March 2013 to USD 304.2 bn at end March 2014.
  12. Exports up 4.1% in 2013-14, compared to previous year’s negative growth of 1.8%.

Challenges and concerns:

  1. Poor monsoon, external factors pose risk to growth.
  2. Time over-runs in infra project main cause of under achievement in the sector.
  3. Exports still fragile; Iraq crisis a risk.
  4. Capital controls under FEMA do not support rapidly globalising economy.
  5. Banking sector impacted by global and domestic slowdown.
  6. State APMC laws hurdle to modernisation of good economy; have created cartels of buyers who possess market power.

Solutions:

  1. Need subsidy reforms for fiscal consolidation.
  2. Raise tax-to-GDP ratio for fiscal consolidation.
  3. CAD to be contained at 2.1 pc of GDP in 2014-15.
  4. Reduce spillovers from food to non-food inflation by putting in place a formal monetary policy framework.
  5. Contain revenue shortfall via better mobilisation, reforms etc.
  6. Move towards simple tax regime, fewer exemptions, GST rate etc.
  7. Need DTC as clean modern replacement for existing I-T laws.
  8. Cutting capital expenditure not good for economy.
  9. Changes in tax administration required.
  10. Need sharp fiscal correction, new FRBM Act with ‘teeth’.
  11. Government needs to move towards low and stable inflation through fiscal consolidation.
  12. RBI intervention in forex market behind accumulation of reserves “generally”.
  13. Need to review nutrient-based fertiliser subsidy.
  14. Plan to add 88,537 MW power capacity over next 5 yrs.
  15. Allow private companies to mine coal commercially.
  16. Indian legislation governing business need thorough revamp.
  17. Improve business environment by shifting important decision making from inspectors to higher officers.
  18. Re-examine laws that empower govt to interfere in markets.
  19. Setting up public finances by tax & expenditure reform.
  20. Creating legal & regulatory framework for well-functioning market economy.

Objectives and forecast for next financial year:

  1. GDP growth seen at 5.4-5.9 pc in 2014/15.
  2. Growth rate of 7-8 pc can occur after 2015/16.
  3. Industrial growth expected to revive gradually over 2-yr.
  4. Food-grains production to go up to 264.4 MT in 2013/14.

Economic Survey 2013-14 Chapters

Chapter No Economic Survey 2013-14 Chapters
1 The State of the Economy
2 Issues and Priorities
3 Public Finance
4 Prices and Monetary Mangement
5 Financial Intermediation
6 Balance of Payments
7 International Trade
8 Agriculture and Food Management
9 Industrial Performance
10 Services Sector
11 Energy, Infrastructure and Communications
12 Sustainable Development and Climate Change
13 Human Development
Appendix Statistical Appendix
Print Friendly, PDF & Email
Share71
Tweet
WhatsApp
+11
72 Shares

Integrate Learning With Test-Taking!

We are confident that you can clear UPSC Prelims 2019 if guided the right way!

Yes, I want ClearIAS to teach me how to learn faster!

About Alex Andrews George

Alex is the founder of ClearIAS.com website and ClearIAS app. As one of the pioneers in online civil services exam coaching, his notes, strategies, guidance, and mock exams have been helping thousands of candidates clear various stages of UPSC Civil Services exam, every year.

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

ClearIAS UPSC Prelims Online Mock Test Series 2019

Trusted by Toppers!

Limited Period Offer:

Join now and get 40% discount!

Enroll now

ClearIAS Study Materials for UPSC Prelims and Mains

  • Indian History  - Indian History and Culture.
  • Geography  - Indian and World Geography.
  • Economics  - Indian Economy.
  • Indian Polity  - Constitution, Social Justice etc.
  • General Science  - Science and Technology.
  • Environment  - Biodiversity, Climate Change etc.
  • Current Affairs  - National and international.

ClearIAS Study Materials for UPSC Mains (Extra-Topics)

  • World History  - GS paper 1.
  • Indian Society  - GS paper 1.
  • Foreign Relations  - GS paper 2.
  • International Affairs  - GS paper 2.
  • Internal Security  - GS paper 3.
  • Disaster Management  - GS paper 3.
  • Ethics - GS paper 4.

ClearIAS Study Materials for UPSC Mains (Paper-wise)

  • Essay Paper
  • GS 1 Paper
  • GS 2 Paper
  • GS 3 Paper
  • GS 4 Paper

Congrats! You are at the right place - ClearIAS!

  • 1 million+ monthly users!
  • 5,00,000+ ClearIAS App Downloads!
  • 4,50,000+ Facebook Followers!
  • 3,50,000+ Email Subscribers!
  • 2,00,000+ Registered Aspirants!

Prepare for UPSC Online!

Get Started

UPSC Online Preparation Guidance

  • UPSC  - Union Public Service Commission
  • IAS  - Indian Administrative Service
  • Civil Services Exam (CSE)  - Exam Pattern
  • UPSC Syllabus  - Subjects to learn
  • UPSC CSE Eligibility  - Who can appear?
  • UPSC Exam Dates  - When should you apply?
  • UPSC Result  - Check UPSC Results
  • UPSC FAQs  - Clarify your queries

Get our newsletter

Don't miss our email updates!

What do toppers' say about ClearIAS?

"Working 24*7 in the police for the last 5 years and been out of touch with the preparation, I took the guidance from your website, especially the ClearIAS prelims test series. I bought it and found it to be the best available online." - Poonam Dalal, ClearIAS Online Student

ClearIAS Prelims Online Mock Test Series 2019

Follow ClearIAS Test-based approach.

Learn faster!

Boost Your Prelims Marks!

Limited Period Offer: Get 40% discount!

Enroll Now!

Don’t lose out without playing the right game!

Follow the ClearIAS Prelims cum Mains Integrated Approach.

Learn more

  • Home
  • IAS
  • UPSC
  • FAQs
  • Blog
  • Login

About:

  • About ClearIAS
  • ClearIAS App
  • Sitemap

Terms and Conditions

  • Privacy Policy
  • Disclaimer
  • Terms and Conditions

Contactus

  • Work with us
  • Advertise with us
  • Contact Us

Follow us

Follow us on FacebookFollow us on Google+Follow us on TwitterFollow us on RSSFollow us on SlideShareFollow us on PinterestFollow us on YouTubeFollow us on VimeoFollow us on FeedlyFollow us on Android AppFollow us on Apple AppFollow us on Telegram

Featured on

ClearIAS Featured in The Hindu
ClearIAS Featured in the Times of India
ClearIAS Featured in the New Indian Express
ClearIAS Featured in the Yourstory

and many more...

Copyright © 2018 - ClearIAS.com