The government has began the exercise for drawing up an Economic Survey and Exim Policy, even though they would be presented by the new government that assumes office after elections in mid May. 
 
The preparation for the Union Budget for 2004-05, is however, expected to start only after the new finance minister takes charge at North Block. 
 
"There will be a proper Economic Survey and the preparation has already started, notwithstanding the fact that it will be presented by the new government," they said. 
 
Indications are that the survey would paint a rosy picture of the economy in the backdrop of 10.4 per cent growth in GDP during October-December 2003 and an estimated 8.1 per cent in 2003-04, coupled with less than 5.0 per cent inflation rate, Forex reserves at all-time high of $112 billion, a fiscal deficit of less than 4.8 per cent of GDP and robust exports growth. 
 
The NDA government presented an interim budget in February this year instead of a full budget as it decided to go for early polls. 
 
As there was no full budget, finance minister Jaswant Singh chose not to table the economic survey as usual a few days ahead of the interim budget, outlining the strategy and economic performance of the government. 
 
Regarding export-import policy, sources said there was a need to fine-tune the trade policies in the face of sharp appreciation of the rupee against US dollar that has hit exporters hard. 
 
The government has already come up with a "mini exim policy" in January but some of the policy thrusts needed to boost exports were reflected in the forthcoming exim policy expected in early June. 
 
With exporters demanding early action to tide over the difficult situation arising out of an over 9.5 per cent rise in rupee value vis-a-vis the dollar in the last 12 months, commerce ministry appears keen to take up the matter with finance ministry and Reserve Bank of India. 
 
Despite a rise in rupee, exports showed a whopping 41.88 per cent growth in the last month and pushed up the overall growth to 17 per cent at over $60 billion last fiscal. The export growth target for 2004-05 would, however, be fixed only after the policy framework is put in place by the new government. 
 
Finance minister Jaswant Singh has already indicated that there would be reduction in the rates of taxes and tariffs in the budget if the NDA is voted back to power. 
 
This is despite the fact that Singh had slashed peak customs duties from 25 to 20 per cent on a number of items like steel, capital goods, telecom and electrical products in his interim budget. 
 
In its vision document, the NDA has already announced a 7-pronged strategy to make India a global food factory, manufacturing hub, service provider, knowledge economy, tourism, healthcare and education destination, and attain 8-10 per cent GDP growth. 
 
Reforms in the financial sector, tax, pension and trade would continue apart from improving the financial health of states through introduction of value-added tax and debt restructuring, it said.