India's latest Economic Survey suggests improving prospects

2014 GDP growth pegged higher at 6%.

According to BBVA, Ahead of the unveiling of India’s new Union Budget, the Indian government released its Economic Survey for FY13 (year ending March) , which outlined a pickup in the country’s growth outlook, a benign inflation trajectory, and also highlighted the need for further policy reforms to support investment.

The Economic Survey is a key annual document from the government, which reviews past economic performance, highlights policy initiatives and charts medium term prospects for the economy. The survey expects annual GDP growth to range between 6.1% - 6.7% in FY14, up from an estimated 5.0% in FY13, while WPI inflation is expected to average between 6.2%-6.7% y/y. The survey expressed concerns over India's widening deficits in the current and fiscal account, and called for widening the tax base and prioritizing expenditures as key ingredients for a credible, medium-term fiscal consolidation plan.