Economic Survey 2009-10
Ahead of the Union Budget 2010-2011, Finance Minister Pranab Mukherjee today presented Economic Survey 2009-2010. The economic survey focuses on measures to maintain and accelerate economic growth. The main concerns like high inflation and fiscal deficit are expected to be addressed in the upcoming budget. The economic growth is projected at 8.5% (+/- 0.25%) in FY11 and also expected to grow at 9% in FY12, compared with projected growth of around 7.5% in the current year.
Key Highlights of Economic Survey:
- Economy likely to grow by up to 8.75% in 2010-11
- Full recovery; return to 9% growth in 2011-12
- Broad recovery gives scope for gradual stimulus roll back
- Survey recognizes food inflation as major concern. Food inflation is hovering close to 18%
- Industry growth expected at 8.2%
- Higher inflows have policy implications on capital account.
- Moot direct food subsidy via food coupons to households.
- Major decline in consumption expenditure growth in FY10
- Growth in GFCF (Gross Fixed Capital Formation) seen at 5.2% in FY20, up from 4%
- The fiscal deficit for FY10 is expected to shoot up to 6.8% of GDP
- India 10th largest gold holding nation at 557.7 tons
- India can become world`s fastest growing economy in 4 years.
- Trade deficit will increase as imports increase as compared to exports.
- Large decline in customs and excise duty expected
- India not immune to global price situation
- Hike in fuel prices will impact inflation
- Supply side pressure to prevail for near term
- Farm & allied sector production falls 0.2% in 2009-10
- Need serious policy initiatives for 4% agriculture growth
- Direct food subsidy via food coupons to households
- Auction for 3G spectrum to provide existing and foreign players to bring in new technology and innovations.
- India world`s 2nd largest wireless network with 525.1 million mobile users
- Net capital flows to India at USD 29.6 billion in April-September 2009 remained higher as compared to USD 12.0 billion in April-September 2008.
- During fiscal 2009-10, foreign exchange reserves increased by USD 31.5 billion from USD 252.0 billion in end March 2009 to USD 283.5 billion in end December 2009.
- Bank credit grows by 13.9% on year-on-year basis.
- Investment deposit ratio increases to 32.52%.
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