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INDIAN ECONOMIC SURVEY2007-2008

By

Akshay Kulkarni Sudhanshu Misra

Rakesh Kumar

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Outlook State of the Economy

Challenges, Policy Response and Medium Term Prospects

Fiscal Developments and Public Finance

Prices and Monetary Management

Financial Intermediation and Markets

External Sector

Agriculture and Food Management

Industry

Social Sectors

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Major Highlights on India's Economic survey for 2007-08

Economy moves decisively to higher growth phase

Economic growth in 2007-08 projected at 8.7 per cent

Overall inflation projected to decline from 5.6 per cent in 2006-07 to 4.1 per cent in 2007-08

Acceleration in domestic investment and savings rates

Buoyant growth in Government Revenues

Investment climate full of optimism

Concern over slowdown in consumer goods segment of industry and infrastructure constraints

Indian economy at market exchange rate to cross 1 trillion dollars in current fiscal

Growth in service sector continues to be broad based with transport and communication being the

fastest during the Xth Five Year Plan

13.9 per cent growth in financial services in 2006-07

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Annual average growth of money on an accelerating trend since 2003-04 reaching 19.5

per cent in 2006-07

150 per cent increase in net foreign direct investment inflows in 2006-07 to US dollar 23

billion. Trend continues in the current financial year with gross Foreign Direct

Investment (FDI) inflows reaching US dollar 11.2 billion in first six months

Trade to Gross Domestic Product (GDP) ratio increases from 22.5 per cent of GDP in

2000-01 to 34.8 per cent of GDP in 2006-07

Heightened urgency to augment and upgrade infrastructure both physical as well associal and in particular power, roads and ports

Persistent institutional weaknesses and implementation constrains at different levels of

government need to be addressed

Private sector requires policy and regulations that are comprehensive but simple andclear and credible

Agricultural growth, dependent as it is on monsoon, continues to fluctuate. Overall

foodgrains production in 2007-08 expected to fall short of the target by 2.2 million

tonnes. Need for second green revolution particularly in rainfed areas emphasized.

(ANI)

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