According to the ARC Advisory Group, the annual Economic Survey, conducted by the Economic Times (Times Group) in India, was released a day prior to the announcement of the budget by the Government. This paints a "cautiously optimistic" picture within the present macroeconomic constraints. India's financial year runs from April 1st to March 31st of every year. In the FY2012-13, growth was 5 percent - the decade's lowest. But, this year the country's economic growth forecast has been pegged at a more encouraging 6.1 to 6.7 percent.
Anand Sharma, Union Minister of Commerce, Industry and Textiles, Government of India said, "The Indian economy is growing despite the economic crisis that engulfed the world." The Grant Thornton Global Dynamism Index had also judged India to be the fifth best country in the world for dynamic growing businesses. This reflects that India, with the implementation of effective policies and regulations, offers a conducive and fertile business environment.
According to the budget, the fiscal deficit for 2013-14 will be 4.8 percent of GDP as compared to 5.2 percent the previous year; and revenue deficit will be 3.3 percent of GDP for 2013-2014 as compared to 3.9 percent last year.