Economic Survey Highlights

GAP growth of partner countries slowed down significantly (from more than 6 percent year to year in the first quarter of 2010 to less than 1 percent in the third quarter of 2012). Gold Imports and Policy Measures: India is one of the largest consumers of gold in the world with consumption increasing from 721. 9 tones in 2006 to 933. 4 tones in 011 and 612 tones in the first three quarters of 2012, accounting for around 27 per cent of world gold consumption in 2011, and 26. 4 per cent in 2012 (total of first three quarters).

In the case of export of gold Jewelry, the major export destinations include the I-JAKE (57. 9 percent), Hong Kong (14. 1 percent), and the USA (12. 0 percent). Imports of equipment for initial setting up or substantial expansion of fertilizer projects fully exempted from basic customs duty of 5 percent for a period of three years up to 31 March 2015; and basic customs duty on some waterholes fertilizers ND liquid fertilizers other than urea reduced from 7. 5 percent to 5 per cent and from 5 per cent to 2. 5 percent.

Confessional import duty available for installation of mechanized Handling Systems and Pallet Racking Systems in mantis or warehouses extended for horticultural produce. Basic customs duty on plant and machinery imported for setting up or substantial expansion of iron ore pellet plants or iron ore benefaction plants reduced from 7. 5 percent to 2. 5 percent. Basic customs duty increased on standard gold bars; gold coins of purity exceeding 99. 5 percent and platinum from 2 percent to 4 percent and on non-standard gold room 5 percent to 10 percent.

Order custom essay Economic Survey Highlights with free plagiarism report

450+ experts on 30 subjects Starting from 3 hours delivery

Get Essay Help

New e-BRB Initiative: A major EDI initiative the e-BRB launched which would herald electronic transmission of foreign exchange realization from the respective banks to the Directorate General of Foreign Trade (GIFT) server on a daily basis. The exporter will not be required to make any request to the bank for issuance of a bank export and realization certificate (BRB). As per the schedule of Tariff Liberation's Programmer (TTL) under SHAFT (South Asia Free Trade Area), India has brought down its peak tariff rates to 5 percent w. E. F. 1 January 2013.

India - EX. Broad Based Trade and Investment Agreement (BAIT): The 1 5th round was held on 29-30 January, 2013 in New Delhi. 8. Agriculture and Food, The Economic Survey for 2012-13 depicted about the sectors like Agriculture and Food, Sustainable Development as well as Climate Change, the major points of which are described here: Agriculture and Food Growth in this sector was reasonably stable despite large weather shocks during 2009 (deficient south west monsoon), 2010-11 (drought/deficient rainfall in some states), and 2012-13 (delayed and deficient monsoon).

The reason for this was an increase in gross capital formation (GIF) in this sector relative to GAP of this sector, which has consistently been improving from 16. 1 per cent in 2007-8 to 19. 8 per cent in 2011-12 (at constant 2004-5 prices). Rate of growth of GIF accelerated to 9. 7 per cent in the Eleventh Plan (2007-12) compared to a growth of 2. 7 per cent during the Tenth Plan (2002-07). During 2011-12, total fogginess production reached an all-time high of 259. 2 million tones. The production of 2012-13 karri crops would be affected by deficiency in the south-west monsoon and the resultant acreage losses. Ђ Restrain Shirks Villas Hosanna: Allocation under the ARK for 2012-13 is 9217 core Rupees. National Mission for Sustainable Agriculture: During the Twelfth Five year Plan, climate change adaptation and mitigation strategies will be operationally by restructuring the existing programmer. Ђ Green Revolution for Eastern India: Eastern India comprises of seven states, Assam, Briar, Chastiser, Shorthand, Idiots, Eastern Attar Pradesh, and West Bengal. 400 core Rupees each was allocated for the programmer during 2010-11 and 2011-12 and of 1000 core Rupees during 2012-13. Ђ Rained Area Development Programmer: During 2012-13, the RAID is being implemented in 22 states. Macro Management of Agriculture: Of an outlay of 900 core Rupees approved for 2012-13, 680. 1 core Rupees had been released as of the Scheme, assistance is provided for purchase of breeder seed, production of foundation seed, production and distribution of certified seed, distribution of seed miniskirts, distribution of plant protection chemicals, plant protection equipments and weediest, supply of rhizome culture/phosphate socializing bacteria, supply of improved farm implements, distribution of gypsum/pyrite/liming/dolomite, striation of sprinkler sets and water-carrying pipes, and publicity for encouraging farmers to grow oilseeds and maize. Ђ The National Food Security Bill: In order to address the issue of food security in a comprehensive manner, the Government introduced National Food Security Bill in the Look Saba on 22 December, 2011. Early enactment of this bill is under process. 9. Industry Industrial Sector: After recovering to a growth of 9. 2 percent in 2009-10 and 2010-11, growth of value added in industrial sector, comprising manufacturing, mining, electricity and construction sectors, slowed to 3. Percent in 2011-12 and to 3. 1 percent in 2012-13.

The manufacturing sector, the most dominant sector within industry, also witnessed a decline in growth to 2. 7 percent in 2011-12 and 1. 9 percent in 2012-13 compared to 1 1. 3 percent and 9. 7 percent in 2009-10 and 2010-11, respectively. The growth in electricity sector in 2012-13 has also moderated. The growth of the mining sector in 2012-13 is estimated at 0. 4 percent, though it showed an improvement over a negative growth of 0. 63 percent recorded in 2011-12. India is one of the top ten manufacturing countries though its share in total manufacturing value added (MBA) is only about 1. Percent. The growth rate of world MBA had declined from 5. 4 percent in First quarter of 2011-12 to 2. 2 percent in second quarter of 2012-13. The latest competitive industrial performance index (ICP) compiled by the United Nations Industrial Development Organization (UNDO), ranks India 42nd out of 118 countries the same as in 2005. The initiatives taken for boosting the manufacturing sector included National Manufacturing Policy (PM), DIM Project, FED Policy initiatives and setting up of the e-Biz Project to promote ease of doing business. 0. Services Sector The Centre for Monitoring Indian Economy's (CAME) analysis of the sector-wise performance of services activities based on firm-level data show that the performance of sectors such as transport logistics, aviation and construction in the year 2012-13 is subdued in comparison to with the previous year. Telecoms sectors were projected to have rebounded in the year 2012-13. Overall the year 2013-14 is projected to be better for most of the sectors, except retail trading, which is projected to have negative growth in profitability.

FED in multilateral retail trading has been permitted subject to specified conditions. The IT and Ties sector has started facing competition from many developing countries. While the EX. has the highest share in computer and information services exports, followed by India and the USA, many new competitors like China, Israel and the Philippines have emerged in recent years. Between 2005 and 2011 , the annual average growth of computer services was 69 percent in the Philippines, 28 percent in Sir Lankan, 59 percent in Ukraine, 27 percent in the Russian Federation, 37 percent in Argentina and 35 percent in Costa Rica.

One major issue in services is the domestic barriers and regulations. Domestic isolations in strict WTFO terms include licensing requirements, licensing procedures, qualification requirements, qualification procedures, and technical standards but here other restrictions and barriers are also considered. An indicative list of some important domestic regulations in India which need to be examined for suitable policy reforms in the services sector include Trade and Transport services, Construction, Accountancy services, Legal services and Education Services. 1 . Energy, Infrastructure and Communications The Twelfth Five Year Plan laid special emphasis on development of the infrastructure sector including energy. The total investment in the infrastructure sector during the Twelfth Five Year Plan, estimated at 56. 3 lack core Rupees which is nearly double that made during the Eleventh Five Year Plan. Unbinding of infrastructure projects, public private partnerships (APP), and more transparent regulatory mechanisms have induced private investors to increase their participation in infrastructure sectors.

Their share in infrastructure investment increased from 22 per cent in the Tenth Five Year Plan to 38 per cent in the Eleventh Plan and is expected to be about 48 per cent during the Twelfth Five Year Plan. Production of coal, cement, petroleum refinery was marginally higher during the 2012-2013 fiscal year as compared to the corresponding period of the 2011-2012 fiscal year while steel and power-sector production was comparatively lower. Fertilizer, crude oil, and natural gas production also declined during the first nine months of 2012-2013 financial year.

Among the infrastructure services, growth in freight traffic by railways has been comparatively higher so far, while the civil In the road sector the National Highways Authority of India (NOAH) achieved 17. 3 percent growth during the 2012-2013 financial year Upton November 2012. Major sector-wise performance of core industries and infrastructure services displayed a mixed yet there continued to be an overall energy deficit of 8. 7 percent and peak shortage of 9. 0 percent. The government took several initiatives for rationalizing the energy prices in different sectors.

The Integrated Energy Policy has outlined the broad contours of the pricing system for coal. The pricing of coal is done now on gross calorific value (C.V.) basis with effect from 31 January 2012, replacing the earlier system of pricing on the basis of useful heat value (UHF) which takes into account the heat trapped in ash content also, besides the heat value of carbon content. In context with the petroleum products pricing, in January 2013, the government announced the new roadman providing for a gradual price increase for reducing diesel under-recoveries.

Dedicated Freight Corridor Project: The Eastern and Western Dedicated Freight Corridors (DECK) are a mega rail transport project being undertaken to increase transportation capacity, reduce unit costs of transportation, and improve service quality. A special purpose vehicle, the Dedicated Freight Corridor Corporation of India Limited has been set up to implement the project. The NOAH Board gave approval for formation of a High Level Expert Settlement Advisory Committee for one-time settlement of old cases pending in courts.

As a new initiative for promoting highway development, the mode of engineering procurement and construction (EPIC) contracts were brought in. In order to remove the bottlenecks and ensure seamless movement of traffic and collection of toll as per the notified rates, the government decided to introduce passive radio frequency identification (RIFF) based on electronic toll collection. The Government approved National Telecoms Policy (NTP) 2012, which addresses the Sino, strategic direction, and the various medium- and long-term issues related to the Telecoms sector, on 31 May 2012.

NTP-2012 is aimed at maximizing public good by making affordable, reliable, and secure telecommunication and broadband services available across the country. By end December 2012 there were over 900 APP projects (Pubic-Private Partnership projects) in the infrastructure sector with total project cost (TAP) of 543045 core Rupees as compared to over 600 projects with TAP of 333083 core Rupees on 31 The government in September 2012 approved the scheme for Financial Restructuring f State Distribution Companies (Disco's). 12.

Sustainable Development and Climate: The State of the Environment Report by the MOVE clubs the issues under five key challenges faced by India, which are climate change, food security, water security, energy security, and managing arbitration. As per the Second National Communication submitted by India to the UNFROCK, it is projected that the annual mean surface air temperature rise by the end of the century ranges from 3. ICC to 4. ICC whereas the sea level along the Indian coast has been rising at the rate of about 1. 3 mm/year on an average.

These climate change rejections are likely to impact human health, agriculture, water resources, natural ecosystems, and biodiversity. In this context to the rural areas, schemes for rural development and livelihood programmer under the Mahatma Gandhi National Rural Employment Guarantee Scheme (MANGERS) are linked to land, soil, and water. World leaders in 2012 continued to engage and deliberate in international forums dedicated to climate and environment and also in forums like the 620 where sustainable development and climate change were an integral part of the discussions.

The United Nations Conference on Sustainable Development (UNCUT), was held in June 2012 at ROI De Jeanine, Brazil, (also known as ROI+20) and was attended at the heads of states level. The objective of the ROI+20 Conference was to secure renewed political commitment for sustainable development, review progress made and identify implementation gaps, and assess new and emerging challenges since the UNCUT held 20 years ago in ROI De Jeanine in 1992.

The 18th session of the COP to the UNFROCK, that started on 26 November and concluded on 8 December 2012 in Doth, Qatar has resulted in a set of decisions (clubbed together as Doth Climate Gateway) aimed at advancing the implementation of the UNFROCK and its Kyoto Protocol (KOP). The key issues for the Doth conference were: amending the KOP to implement the second commitment period under the Protocol; successfully concluding the work of the Bali Action Plan (ABA) within which there was urgent need for a clear path to climate finance; and planning the work under the Durban Platform (EDP) for enhanced action.

In the Twelfth Five Year Plan, the PAT (Perform Achieve and Trade) scheme is likely to achieve about 15 million tones oil equivalent of annual savings in coal, oil, gas, and Similarly, the RPR is creating domestic markets for renewable energy through regulatory interventions at state level. The RPR (Renewable Purchase Obligation) is the minimum level of renewable energy (out of total consumption) the obligated entities (Disco's, Captive Power Plants, and Open Access Consumers) are entitled to purchase in the area of a distribution licensee.

Don't let plagiarism ruin your grade

Run a free check or have your essay done for you

Check my essay Hire Writer