India: Economic Analysis and Trends in the Discrete Industries - Part 2
Keywords: Aerospace & Defense, Automotive, Discrete Industries, Economic Survey, Electronics & Semiconductor, Food & Beverage.
The Economic Survey (by the Economic Times, Times Group, India), the flagship annual document, reviews the performance of India's economy during the financial year, which runs from April 1st to March 31st. The Economic Survey provides a detailed analysis and record of major developments in the economy. More importantly, it provides the backdrop to the budget proposal in the parliament. Reportedly, the first Economic Survey was conducted in the FY1950-51. The website of the Finance Ministry hosts surveys held from FY1957-58 onwards. Prior to 1964, the Economic Survey was circulated along with the budget documents; from 1964 it was circulated in advance, setting the context for the budget.
India's challenge lies in sustaining industrial and socio-economic growth despite external and internal headwinds. The budget for FY2013-14 aims at achieving a higher growth rate leading to sustainable and inclusive development. The Finance Minister made three promises - to women, youth, and the poor. The Nirbhaya Fund was set up to empower women; budget allocation has been made for skill development of one million youth to enhance employability; and the Direct Benefit Transfer (DBT) scheme (an anti-poverty program) is to be rolled out nationwide.
In a recent interview Anand Sharma, Union Minister of Commerce, Industry and Textiles, Government of India said, "The only way is to take hard decisions, policy initiatives, looking at our priorities, not allowing anything to undermine the national confidence, and particularly, the morale of the younger generation."
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