Economic Survey: Economy looking up, downturn nearly over

The government expressed hope that the fiscal deficit targets remainachievable and pegged a higher growth rate of more than 6 per cent for the nextfiscal.

The Economic Survey for 2012-13, which was presented by the Finance MinisterP Chidambaram on Wednesday, projected that the Indian economy is likely to growbetween 6.1 per cent and 6.7 per cent in the fiscal year that begins from April1.

"The downturn is more or less over," the survey said.

The Economic Survey, authored by Chief Economic Advisor Raghuram Rajan, wastabled in Parliament by Finance Minister P. Chidambaram on Wednesday, a dayahead of the presentation of the Union Budget for 2013-14.

The survey is a report card on the state of the economy, withrecommendations for the way forward.

Though the Indian economy is estimated to grow by nearly 5 per cent in thecurrent fiscal, a number of economic reform measures taken by the finance ministerhave raised optimism about a growth revival in the economy.

The survey projects inflation to ease further in the next fiscal year, addingthat softening price pressures will give room for the central bank to lowerinterest rates.