The Finance Ministry presents the Economic Survey in the parliament every year, just before the Union Budget. It is the ministry’s view on the annual economic development of the country.The outcome of Economic survey was presented on 15th March 2012.
Following are the highlights of Economic Survey 2011-12:
- Rate of growth estimated to be 6.9%..
- Growth rate for the year 2012-13 is estimated to pick up to 7.6% and 8.6% for the year 2013-14.
- Agriculture and Services sectors are expected to maintain a well performance constantly.
- 2.5 % growth in Agro sector forecast. Services sector grows by 9.4 %, its share in GDP goes up to 59%.
- Industrial growth targeted at 4-5 percent and is expected to improve with beginning economic recovery.
- India remains among the fastest growing economies of the world.
- In the upcoming months, rate of price inflation is expected to retard.
- Economic Survey projects 6.5% to 7% inflation for March.
- Cash Reserve Ratio retained at existing level.
- Manufacturing and Services sectors have also shown robust growth.
- Economic Survey 2011-12 favors foreign direct investment in multi-brand retail.
- Global and Domestic Situations has retarded India’s performance.
- Necessity for Improvement in Financial sectors, to bring out changes and correction.
- GDP growth at 8.6% for the year and forecast 9% for the next year.
- Gross financial deficit is 4.8% while deficit 6% without telecom auction.
- Food grain production likely to cross 250.42 million tonnes.