FM tables Economic Survey 2013-14

12:08 pm: “The survey does have an aspirational quotient to it,” says Sajjid Chinoy of JPMorgan. “But it is rare to see a survey where the thematic emphasis is completely out of sync with the government’s line of thinking.

However, it remains to be seen how much of it translates into budget.”

12:05 pm: Initial flashes, expectedly, suggest dream measures: revamp of the FRBM Act, subsidy and agriculture reforms, inflation targetting etc. “If this has the blessings of the finance minister, though FMs do not always take a serious interest in its drafting, this is a bold document,”

. 12:02 pm: Here are initial flashes that we are getting:

– Estimates FY15 GDP growth At 5.4-5.9 percent

– Need new FRBM Act with ‘teeth’

– Capital controls not supporting globalisation of economy

– Inflation limits scope for RBI to cut rates

– Subsidy reforms essential to fiscal consolidation

– FY15 GDP growth likely to be on lower side of projections

– Need common market for agricultural commodities

– Need to expand decentralised procurement for PDS

– Need to review nutrient-based fertiliser subsidy