Economic survey highlights-2

* Long-term external debt accounts for 78.2 percent of total external debt at end-December 2013 against 76.1 percent at end-March 2013. Long-term debt at end-December 2013 increased by $25.1 billion (8.1 percent) over the level at end-March 2013 while short-term debt declined by $4 billion (4.1 percent), reflecting a fall in imports

* Wholesale Price Index inflation fell to three-year low of 5.98 percent during 2013-14

Support TwoCircles

* Consumer Price Inflation also showed signs of moderation

* Both Wholesale and Consumer Price Inflation expected to go downward

* Fiscal consolidations remains imperative for the economy

* Fiscal consolidation recommended through higher tax-GDP ratio then merely reducing the expenditure-GDP ratio

* Proactive policy action helped government remain in fiscal consolidation mode in 2013-14

* Fiscal deficit for 2013-14 contained at 4.5 percent of GDP

* Total outstanding liabilities of the central and state governments decline as a proportion of GDP

* India’s balance-of-payments position improved dramatically in 2013-14 with the current account deficit (CAD) at $32.4 billion (1.7 percent of GDP) as against $88.2 billion (4.7 percent of GDP) in 2012-13

* The annual average exchange rate of the rupee went up from 47.92 per dollar in 2011-12 to Rs.54.41 per dollar in 2012-13 and further to Rs.60.50 per dollar in 2013-14

* India’s foreign exchange reserves increased from $292 billion at end March 2013 to $304.2 billion at end March, 2014