Economic Survey for 2012-13 has pegged the economic growth in FY14 at 6.1-6.7 per cent and has suggested that economic reforms should be accelerated to push the growth higher.
The forecast comes against the backdrop of a deceleration in growth in the previous two fiscals. Indian economy is estimated to grow around 5 per cent in 2012-13.
"The slowdown is a wake-up call for increasing the pace of actions and reforms," said the survey.
The Economic Survey, which has been authored by Chief Economic Advisor Raghuram Rajan, was tabled in Parliament by Finance Minister P. Chidambaram on Wednesday, a day ahead of the presentation of the Union Budget for 2013-14.
The survey is a report card on the state of the economy, with recommendations for the way forward.
The survey also pushed for fast action on the ground after the opening up of the retail trade industry to overseas companies and said this will not just pave the way for flow of investment in new technology, but also for marketing of farm produce in India.