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Highlights of Economic Survey 2009-10 | Finance Minister Pranab Mukherjee on Thursday tabled the Economic Survey 2009-10. Following are the highlights of
Economic Survey: Economy posted a remarkable recovery expected to grow at 7.2 per cent in 2009-10 against 6.7 per cent in 2008-09; Survey hopes the Indian
GDP can be expected to grow around 8.5+/- 0.25 per cent, with a full recovery,
breaching the 9 per cent mark in 2011-12; Manufacturing growth more than doubled
to 8.9 per cent in 2009-10 from 3.2 per cent in 2008-09; Survey recognizes food
inflation as major concern; Per capita income increased to 5.3 per cent in 2009-10
from 3.7 per cent in 2008-09; Gross Fiscal deficit stands at 6.5 per cent of
GDP; Liquidity condition remained comfortable during 2009-10; Bank credit
grows by 13.9 per cent on year-on-year basis. Non-food bank credit recorded an
increase of 8.7 per cent on financial year basis till January 15, 2010 as per
the latest available data; Agricultural credit disbursal exceeds target. At
sectoral level, there has been a rebound in the growth rate of investment in the
agricultural sector, which grew at 16.5 per cent and 26.0 per cent in 2007-08
and 2008-09 respectively against 1.4 per cent recorded in 2006-07; Investment
Deposit Ratio increases to 32.52 per cent; Balance of Payment situation improves
due to surge in capital flows and rise in foreign exchange reserves, which have
been accompanied by rupee appreciation; Net capital flows to India at US$ 29.6
billion in April-September 2009 remained higher as compared to US$ 12.0 billion
in April-September 2008; During fiscal 2009-10, foreign exchange reserves increased by US$ 31.5 billion from US$ 252.0 billion in end March 2009 to US$ 283.5 billion in end December 2009; Recommendations of the Thirteen Finance Commission needs to be taken on board in shaping the fiscal policy for 2010-11 and in the medium term; Momentum in telecommunication sector continues with monthly additions exceeding 17.6 million connections; Share of central government expenditure on social services including rural development, in total expenditure, plan and non-plan gone up to 19.46 per cent in 2009-10, which was only 10.46 per cent in 2003-04. |
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