Highlights: 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