The Economy Survey 2011-12 was tabled by the Finance Minister Pranab Mukherjee in the Parliament. Following are the highlights of Survey, a report card of the Indian economic scenario for current fiscal.
Highlights
· Economic Survey projects 6.5-7 per cent inflation for March
· Economic Survey maintains 6.9 per cent growth for 2011-12
· Economic Survey projects economic growth of 7.6 per cent, plus or minus 0.25%, for next financial year
· Agriculture and Services sectors continue to perform well. 2.5 % growth in Agro sector forecast.
· Services sector grows by 9.4%, its share in GDP goes up to 59%.
· Industrial growth pegged at 4-5%, expected to improve as economic recovery resumes.
· Inflation on WPI was high but showed clear slow down by the year-end; this is likely to spur investment activities leading to positive impact on growth.
· WPI food inflation dropped from 20.2% in February 2010 to 1.6% in January 2012; calibrated steps initiated to rein-in inflation on top priority.
· India remains among the fastest growing economies of the world. Country’s sovereign credit rating rose by a substantial 2.98 percent in 2007-12.
· Fiscal consolidation on track - savings & capital formation expected to rise.
· Exports grew @ 40.5% in the first half of this fiscal and imports grew by 30.4%. Foreign trade performance to remain a key driver of growth. Forex reserves enhanced - covering nearly the entire external debt stock.
· Central spending on social services goes up to 18.5% this fiscal from 13.4% in 2006-07.
· MNREGA coverage increases to 5.49 Crore households in 2010-11.
· Sustainable development and climate change concerns on high priority.
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