3 min read.Updated: 16 Feb 2014, 09:49 PM ISTLivemint
The vote on account comes against a number of unhappy macroeconomic trends in India
The vote on account to be presented in the Lok Sabha on 17 February comes against a number of unhappy macroeconomic trends in India. In recent weeks, the country has posted not so happy economic data. Advance estimates for gross domestic product (GDP) growth for 2013-14 are one of the lowest in a decade. Along with this number, the savings rate has fallen to a nine-year low. From a peak of 38.1% of GDP in 2008 (when India seemed to have entered a virtuous cycle of savings and growth), in 2012-13, the savings rate has fallen to 30.1% of GDP from 31.3% in 2011-12, the fourth consecutive year in which it fell.