<h1>Economic Survey 2012-13: Fiscal Deficit Down, New Reforms Unveiled for Growth and Lower Inflation.</h1> The Economic Survey 2012-13, presented in the Lok Sabha, highlights a significant fiscal improvement for the Central Government compared to the previous year. The fiscal deficit for the states is budgeted at 2.1% of GDP. Challenges such as slow growth, high global oil prices, and sluggish financial markets impacted the previous fiscal year. In response, the government initiated reforms based on the Kelkar Committee's recommendations, unveiling a revised fiscal consolidation roadmap. The Survey stresses the importance of fiscal consolidation for higher GDP growth, lower inflation, and easing the current account deficit. It also emphasizes widening the tax base and reducing petroleum subsidies for improved fiscal outcomes.