New Delhi, Feb 25: Ahead of the Union Budget 2010-2011, Economic Survey 2009-2010 was presented by Finance Minister Pranab Mukherjee in the Parliament on Thursday, Feb 25.
The survey, which projected an economic growth of 8.75 per cent in 2010-11, said that India is on its way to becoming world's fastest growing economy in four years.
In 2011-12, the country's economy would bounce back to a high nine per cent growth, the survey predicted.
On the raging issue of food prices and price rise, the document warned the the prices would go up further in next few months. It also held the food management policies responsible for the 'unacceptably' high prices of items like sugar.
Highlights of the Economic Survey 2009-10:
- GDP growth expected at 7.2 pc in FY10
- GDP growth in FY11 seen at 8.5pc
- GDP growth to exceed 9pc, in FY12.
- Industry growth at 8.2pc
- Economic recovery provides opportunity for a gradual withdrawal of stimulus
- Concerns on high inflation over the next few months
- Higher inflows have policy implications on capital account
- Major decline in consumption expenditure growth in FY10
- Growth in GFCF seen at 5.2 pc in FY20, up from 4pc
- Exports may turn negative again as demand for imports increases
- Large decline in customs and excise duty expected
- India not immune to global price situation
- High food prices a risk for general inflation
- Signs of food inflation spreading to other sectors
- Hike in fuel prices will impact inflation
- Supply side pressure to prevail for near term
- Farm & allied sector production falls 0.2 per cent in 2009-10
- Need serious policy initiatives for 4 per cent 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.
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