2013-14 - TNAU Agritech Portal

4
THE ECONOMIC SCENARIO
6. This Budget has been prepared against the
backdrop of the gloomy national economic scenario,
manifested in the form of poor economic growth and waning
investor confidence. Revival of the country’s economy is
contingent upon better macroeconomic management and
effective fiscal measures by the Union Government. It is
regrettable that the recent Union Budget reveals absolutely no
commitment on the part of the Union Government towards
achieving the twin objectives of reversing the economic
downtrend and of controlling inflation.
7. The State Government is already feeling the
pinch of the economic slowdown as seen in a lower growth in
Gross State Domestic Product (GSDP). The GSDP growth rate,
according to the Advance Estimates for 2012-2013, is only
4.61% at constant prices. The severe drought and crop failure
has hit us badly in the primary sector, which has ultimately
affected service sector growth as well. The general economic
slowdown in the national economy and shortage of power has
hampered growth in the manufacturing sector.
8. However, undeterred by these adverse factors,
this Government is committed to playing its destined role in
steering the State’s economy back to the path of accelerated
inclusive growth. This Budget has been formulated as a part of
this bold endeavour. Let me now detail the approach adopted
in this Budget;