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Highlights of Economic Survey 2011-12

New Delhi, Thu, 15 Mar 2012 ANI

New Delhi, Mar 15 (ANI): Union Finance Minister Pranab Mukherjee on Thursday presented the Economic Survey for fiscal 2011-12 in Parliament.


Following are the highlights of the survey:-


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


Agriculture and Services sectors continue to perform well. 2.5 % growth in Agro sector forecast. Services sector grows by 9.4 percent, its share in GDP goes up to 59 percent.


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 percent in February 2010 to 1.6 percent 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 and capital formation expected to rise.


Exports grew @ 40.5 percent in the first half of this fiscal and imports grew by 30.4 percent. 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 percent this fiscal from 13.4 percent in 2006-07.


MNREGA coverage increases to 5.49 crore households in 2010-11.


Sustainable development and climate change concerns on high priority. (ANI)


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