Highlights of the Economic Survey, 2014-15
- GDP growth: Seen at over 8% (annual) for 2015-16; double-digit economic growth trajectory possible in future
- Fiscal deficit: Govt to adhere to its target of 4.1% of GDP for 2014-15; India must meet its medium-term target of 3% of GDP
- Reforms: Expectation of big-bang reforms unrealistic
- Investment: Public expenditure must become public investment, led by railways
- Stalled projects: About 7% of GDP, mostly in the private sector, need independent resolution
- Fiscal discipline: Short-term imperative of boosting public investment means limited progress on fiscal path
- GDP growth at market prices: Seen between 8.1% and 8.5% in 2015-16, on the basis of new GDP calculation formula
- Outlook: Favourable for for external financing, too much rather than too little funds flow
- Inflation: Will move to RBI's comfort zone of 5%, so rates cuts likely
- Subsidy: Overhaul subsidy regime, but switch to direct benefits transfers will be slow