Economic Survey Live: Growth to Cross 8% in FY 2015-16, Big Reforms Likely

12:40 pm: Favorable outlook for current account deficit and its financing

12:40 pm: Controlling expenditure and switching from consumption to investment, will be important

12:40 pm: India can increaseinvestments and also meet borrowing targets, finance ministry said

12:38 pm: Foreign exchange inflows could pile upward pressure on the Indian Rupee in Fiscal 2015-16

12:38 pm: Average WPI inflation declines to 3.4% in 2014-15 (Apr-Dec) against 6% previous year

12:38 pm: India can balance the short-term requirement of boosting public investment to revitalize growth with the need to maintain fiscal discipline.

12:38 pm: IT and ITes sector continues as one of the major employers in India

 12:37 pm: Economic Survey Pitches For Increasing Forex Reserves to be in the range of $750 billion to $1 trillion

12:37 pm: In the short run, economic growth will receive a boost from the cumulative impact of reforms, lower oil prices, likely monetary policy easing facilitated by lower inflation and improved inflationary expectations

12:36 pm: Structural movement in the inflationary process is underway as a result of lower oil prices, slowdown in agriculture prices and wages, and significantly improved household inflation expectations.

12:36 pm: All states will benefit from the 14^th Finance Commission recommendations

12:36 pm: BringingIT torural areas will help boost 'Make in India' programme

12:36 pm: Many reforms have been undertaken and more will be introduced over time. The introduction of the GST and expanding direct benefit transfers can become game-changers.

12:35 pm: Double-digit economic growth trajectory is now a possibility

12:35 pm: Increase in foreign portfolio flow has stabilized the Rupee and has helped bring down long-term interest rates, with yields slipping on 10-year government securities, and has contributed to the surge in equity prices

12:35 pm: The current account deficit has declined from a peak of 6.7 percent of GDP (in Q3, 2012-13) to an estimated 1.0 percent in

12:34 pm: Need for revival of public investment to improve investment climate

12:31 pm: India needs to create additional fiscal space

 12:31 pm: Action-oriented policies will bring rapid development to people even as it addresses climate change

12:31 pm: Economic Survey stresses on the need for dialogue and coordinated action by the Centre and the states over land reforms

12:30 pm: Food subsidy bill increases by 20% to Rs 107,823.75 crore in 2014-15

12:30 pm: Electronic visa to help tourism sector gain traction

12:30 pm: National Common Market for Commodities

12:30 pm: Trade scores signal time to undo curbs on gold

12:30 pm: Extraordinary growth in tech start-ups in India

12:28 pm: Sensex climbs back to 29000 points

12:24 pm: India must head towards fiscal deficit target of 3% over the medium term

12:24 pm: Sees Current Account Deficit (CAD) falling to 1%

12:23 pm: Cuts to subsidy, fuel is a part of reforms

12:23 pm: Revenue from coal block, spectrum sale to help

12:22 PM: Market at fresh intraday high - S&P BSE Sensex is at 29,009.18, up 262.53 points or 0.91% and the Nifty was at 8,776.75, up 92.90 points or 1.07%

12:22 pm: The worst of the slowdown period is clearly behind the economy

12:22 pm: Economy is breaking free of the shackles of inflation and high deficit

12:22 pm: Inflation risks moving up over monsoon and crude price movement

12:22 pm: Continuance of moderate oil prices a high probability

12:22 pm: Time ripe for big bang reforms

12:21 pm: WTO negotiations over Services sector hold special significance for India and will help removing many market access barriers

12:21 pm: "Make in India" investment in Railways can transform Indian manufacturing industry becoming a reality

12:21 pm: Even as increased public investment in Railways is important, it cannot become a holistic replacement for private investment

12:21 pm: Increased public investment in Railways would boost competitiveness of Indian manufacturing substantially

12:21 pm: Necessary Steps initiated for prevention and control of vector-borne diseases

12:21 pm: Fiscal, revenue and primary deficits show a declining trend

12:19 pm: Lower crude prices and policy easing would benefit in the short-term

12:18 pm: The Narendra Modi-led government has undertaken considerable reform initiatives in banking, insurance and the financial sector

12:18 pm: Calls for a balance between 'Make in India' and 'Skilling India'

12:18 pm: Create additional fiscal space for fiscal insurance

12:16pm: Increase in non-oil, non-gold imports could hurt competitiveness

12:16 pm: Subdued international demand remains a cause for concern though the worst of it has been left behind

12:15 pm: Economic growth in 2014-15 driven predominantly by local and domestic demand

12:15 pm: Subsidies do not happen to deliver the expectations on improving the living standards of the poor

12:15 pm – The 14th Finance Commission enhances fiscal federalism

12:13 pm – 2014-15 food grain production estimated at 257.07 million tonnes

12:12 pm – Spending curbs could happen if revenue falls short of expectations

12:12 pm – Sluggish export growth a major concern

12:12 pm – The Indian economy will over-perform, the clamour for monetary easing gains strength

12:11 pm – External sector is moving back into the path of strength and resilience

12:11 pm – Economic Survey pegs growth rate at over 8%

12:10 pm - The S&P BSE Sensex is near day's high, with the 30-share index at 28,971.11, up by 224.46 points or 0.81%

12:09 pm - Revenue boost expected from PSU divestment plans

12:08 pm – Inflation declines by over 6% since late 2013

12:05 pm - Growth for 2015-16 to be "in and around" 8%

12:04 pm - Sees inflation beat the RBI target by 0.5-1%

12:04 pm - Sees headroom to easy policy with inflation remaining at lower levels

12:03 pm - The fiscal deficit of 4.1% of the GDP "achievable"

12:03 pm - The CPI for FY 2015-16 range is expected in the range of 5-5.5%

12:03 pm - The Indian Government, led by Prime Minister Narendra Modi, witnesses Finance Minister Arun Jaitley table the Economic Survey on the Parliament floor.

Finance Minister Arun Jaitley will table the Economic Survey in the Parliament on Friday, a day ahead of the Union Budget presentation.

The Economic Survey describes the broader contours of the Budget and acts as the nation's report card for economic performance.

It is expected to highlight the economic recovery attempted after the Narendra Modi-led government came to power.

The flagship annual document is likely to point to the more favorable Balance of Payment (BoP) situation which is prevalent due to the fall in crude oil prices. Research studies say India has benefitted the most due to crude price fall as it has helped the government wipe away fuel deficits.

The annual document, authored by the Ministry of Finance, reviews the performance of the economy over the last 12 months and showcases the major achievements of development programs, highlights the policy initiatives, and explains the short-midterm prospects of the economy.

With the base-year revised, the economic growth for 2013-14 was recorded at 6.9% against the earlier lower than 5% growth recorded against a base year of 2004-05.

The computation of the GDP calculation has been revised a month ago, read ZeeNews.

The new indices are to be studied carefully as the trends relating to public sector debt, public expenditure and taxes are linked directly to the GDP and are understood as a proportion to the national GDP.