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India will deliver on Thursday its federal budget for the 2013/14 fiscal year that starts on April.
Pushing for reforms and tangible action on removing bottlenecks to investment and job creation, Economic Survey for 2012-13 pegs the country's growth at 6.1-6.7% and inflation at 6.2-6.6% for the next fiscal. Highlights of Survey 2013
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Amid debate over imposing higher taxes on super-rich, the Economic Survey today said efforts should be made to raise revenue by widening tax base and not by increasing the rates.
Highlights of the Economic Survey 2012-13 tabled in Parliament by Finance Minister P Chidambaram on Wednesday.
UPA-II's last budget may offer some sops to salary earners and households as finance minister P Chidambaram will tomorrow look to balance the compulsions of growth and fiscal prudence with election year politics.
Labour unrest has hit the industry in 2012, the Economic Survey for 2012-13 said. Till October last year, the number of strikes recorded across the industrial sectors was 173 compared with 106 strikes recorded in 2011, the lowest in over five years.
With resource crunch being a major hurdle for achieving sustainable growth, the Economic Survey favoured setting up of 'National Green Fund' to finance public private sectors aimed at protecting the environment. HT reports.
India's food output is growing twice as fast as its population, but outdated policies have kept prices high, the Economic Survey said. HT reports.
Industrial growth, particularly manufacturing, and services segments, would be critical for India to get back on the high-growth path, the survey said. The revival of these two sectors would also be key for job creation, it added. HT reports.
The survey has called for a proper tax and tariff structure for exports and infrastructure projects, and the setting up of innovative finance models. HT reports.
The survey termed burgeoning petroleum subsidies as the "key fiscal risk" and pitched for a further hike in prices of diesel and cooking gas (LPG). The subsidy bill will overshoot the Rs.
1.79 lakh-crore target in the current fiscal year due to high crude oil prices, it added. HT
India's economy is on track on to record its worst growth in a decade, and that should serve as a wake-up call to revive reforms and remove obstacles to growth, the Economic Survey for the current fiscal year tabled in Parliament said on Wednesday. HT
Deep in the bowels of the imposing North Block in New Delhi, scores of men have been busy making 'halwa' -- sweet or bitter will only be known when finance minister P Chidambaram unveils the Union budget tomorrow.
In an unusual move, the Central Statistical Organisation (CSO) will release the third quarter GDP data in evening today instead of morning, which is a regular practice.
Union finance minister P Chidambaram was set to present India's 82nd national budget in the Lok Sabha on Thursday that will be the eighth such personal exercise for him -- two short of the record of 10 set by former prime minister Morarji Desai.