Friday, March 16, 2012

Economic Survey of India 2011-12: Highlights

The economic survey 2011-12 was presented in the parliament by the Finance Minister Pranab Mukharjee on 14 March 2012. According to the economic survey 2011-12 the Indian GDP pegged at 6.9% in the fiscal year 2010-11. Figure for the agriculture, services and industry sector stood at 2.5%, 9.4% and 4-5% respectively. The survey, which is presented annually by the Ministry of Finance, of government of India, maintained that the Indian economy despite global slowdown remained exuberant and was among the fastest growing economies of the world.

Given below are the highlights of economic survey 2011-12

•    Growth Rate is estimated to be 6.9%. Outlook for growth and stability is promising as the real GDP growth expected to pick up to 7.6% in 2012-13 and 8.6% in 2013-14.
•    At 2.5 %, Agri sector performed well. Services sector grew by 9.4 %, its share in GDP grew up to 59%.
•    Industrial sector growth stood at 4-5 %
•    Inflation on WPI which was on a upward trajectory in the initial part of the year witnessed a sharp slow down by the year-end.
•    WPI food inflation dropped from 20.2% in February 2010 to 1.6% in January 2012. The low inflation rate is likely to improve promote investment
•    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%.
  • The trade deficit stood at 8% of the GDP. 
  • 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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