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Economic Survey projected 6.7% growth rate, inflation 6.2%

New Delhi, Wed, 27 Feb 2013 NI Wire

The Economic Survey of India, tabled on Wednesday by Union Finance Minister P Chidambaram in Lok Sabha has projected a higher growth rate in the next fiscal as against to current GDP (Gross Domestic product), which is declared around at 5%.

The Finance Ministry has pegged a GDP of 6.1 to 6.7 percent for the Financial Year 2013-14.

The Economic Survey has also estimated the rate of inflation to be seen falling slightly to 6.2-6.6 percent.

"The slowdown is a wake-up call for increasing the pace of actions and reforms," said the survey, adding that India has navigated difficult times as these before, and with good policies, it will again come through stronger.

Authored by Chief Economic Advisor Raghuram Rajan, the report card on the state of the economy, with recommendations for the way forward, was tabled in parliament by Finance Minister P. Chidambaram Wednesday, a day ahead of the national budget for 2013-14.

The survey also pushed for fast action on the ground after the opening up of the retail trade industry to overseas companies and said this will not just pave the way for flow of investment in new technology but also for marketing of farm produce in India.

"Fast agricultural growth remains vital for jobs, incomes and food security."

--With IANS Inputs

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