Union Budget 2013-2014: THE ECONOMY AND THE CHALLENGES

“Kalangathu Kanda Vinaikkan Thulangkathu

Thookkang Kadinthu Seyal”

(What clearly eye discerns as right, with steadfast will

And mind unslumbering, that should man fulfil)

- Saint Tiruvalluvar

THE ECONOMY AND THE CHALLENGES

􀂉􀂉 Getting back to potential growth rate of 8 %  is the challenge facing the

country.

􀂉􀂉 Slowdown in Indian economy has to be seen in the context of slowing global

economic growth from 3.9 %  in 2011 to 3.2 %  in 2012.

􀂉􀂉 However, no reason for gloom or pessimism. Of the large countries of the world

only China and Indonesia growing faster than India in 2012-13. In 2013-14, only

China projected to grow faster than India.

􀂉􀂉 Between 2004 and 2008, and again in 2009-10 and 2010-11 the growth rate was

over 8 %  and crossed 9 %  in four of those six years.

􀂉􀂉 11th Plan period had average growth rate of 8 percent, highest during any Plan

period, entirely under the UPA Government.

􀂉􀂉 High growth rate can again be achieved through cooperation.

􀂉􀂉 ‘Higher growth leading to inclusive and sustainable development’ to be the

mool mantra.

􀂉􀂉 Government believes in inclusive development with emphasis on improving

human development indicators specially of women, the scheduled castes, the

scheduled tribes, the minorities and some backward classes. This Budget to be a

testimony to that commitment.

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