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Following are the highlights of the Mid-Year Economic Analysis 2012-13 tabled in Parliament today:
* Economy expected to grow at 5.7-5.9% in 2012-13.
* GDP growth in H2 seen at 6% against 5.4% in first half.
* Slowdown seems to have bottomed out.
* Global economic climate continues to be fragile.
* Monetary and fiscal policies should be supportive to boost investor confidence.
* Recent fiscal consolidation plan has improved investors’ perception of economy.
* Fiscal deficit for this fiscal likely to be 5.3% of GDP.
* Inflation expected to moderate in Q4; March-end inflation seen at 6.8-7%.
* Moderation in inflation will facilitate softening of monetary policy stance by the RBI.
* Agriculture to better on good prospects of rabi crop.
* Services sector expected to post better growth.
* Both current account deficit and trade deficit likely to be lower than previous fiscal.
* Tight monetary policy and higher borrowing cost dented investment flow.
* Downside risks associated with global and domestic factors may impact direct tax collection.
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