~Highlights of Economic Survey 2011-12~

 

Press Information Bureau

Government of India

Ministry of Finance

15-March-2012 12:30 IST

 

 

Highlights of Economic Survey 2011-12

 

Economic Survey -2011-12

 

Following are the highlights of Economic Survey 2011-12 :

 

 

•     Rate of growth estimated to be 6.9%.  Outlook for growth and stability is promising with real GDP growth expected to pick up to 7.6% in 2012-13 and 8.6% in 2013-14.

•     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 percent, 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.

 

 

DSM/RM/RS-Press Release-1

 

Courtesy: FinMIn