Budget 2010: Economic survey speaks about growth
Union Finance minister Pranab Mukherjee will present the union budget today February 26. The entire country is looking forward to what the Finance Minister delivers in the Lok Sabha.
UNION FINANCA minister Pranab Mukherjee will present the union budget today February 26. The entire country is looking forward to what the Finance Minister delivers in the Lok Sabha. The Budget 2010 is likely to provide some succour to the middle classes, which are suffering the brunt of price rise, whereas the industry will look forward to continued incentives from the government. Indian Economy posted a remarkable recovery and is expected to grow at 7.2 per cent in 2009-10 against 6.7 per cent in 2008-09. Survey hopes the Indian GDP can be expected to grow around 8.5+/- 0.25 per cent, with a full recovery, breaching the 9 per cent mark in 2011-12.
Manufacturing growth doubled to 8.9 per cent in 2009-10 from 3.2 per cent in 2008-09. Food Inflation has been identified as major concern.
Per capita income increases by 5.3 per cent as compared to 3.7 per cent in 2009-09 Gross fiscal deficit has been calculated at 6.5 per cent of GDP.
Liquidity is under control Bank credit grows by 13.9 per cent and non-food credit increase of 8.7 per cent.
Agriculture loan targets exceeded. At sectoral level, there has been a rebound in the growth rate of investment in the agricultural sector, which grew at 16.5 per cent and 26.0 per cent in 2007-08 and 2008-09 respectively against 1.4 per cent recorded in 2006-07. Investment Deposit Ratio increases to 32.52 per cent. Balance of Payment situation improves due to surge in capital flows and rise in foreign exchange reserves, which have been accompanied by rupee appreciation. Net capital flows to India at US$ 29.6 billion in April-September 2009 remained higher as compared to US$ 12.0 billion in April-September 2008.
During fiscal 2009-10, foreign exchange reserves increased by US$ 31.5 billion from US$ 252.0 billion in end March 2009 to US$ 283.5 billion in end December 2009.
Recommendations of the Thirteen Finance Commission needs to be taken on board in shaping the fiscal policy for 2010-11 and in the medium term.
Momentum in telecommunication sector continues with monthly additions exceeding 17.6 million connections.
Share of central government expenditure on social services including rural development, in total expenditure, plan and non-plan gone up to 19.46 per cent in 2009-10 which was only 10.46 per cent in 2003-04.
Manufacturing growth doubled to 8.9 per cent in 2009-10 from 3.2 per cent in 2008-09. Food Inflation has been identified as major concern.
Per capita income increases by 5.3 per cent as compared to 3.7 per cent in 2009-09 Gross fiscal deficit has been calculated at 6.5 per cent of GDP.
Liquidity is under control Bank credit grows by 13.9 per cent and non-food credit increase of 8.7 per cent.
Agriculture loan targets exceeded. At sectoral level, there has been a rebound in the growth rate of investment in the agricultural sector, which grew at 16.5 per cent and 26.0 per cent in 2007-08 and 2008-09 respectively against 1.4 per cent recorded in 2006-07. Investment Deposit Ratio increases to 32.52 per cent. Balance of Payment situation improves due to surge in capital flows and rise in foreign exchange reserves, which have been accompanied by rupee appreciation. Net capital flows to India at US$ 29.6 billion in April-September 2009 remained higher as compared to US$ 12.0 billion in April-September 2008.
During fiscal 2009-10, foreign exchange reserves increased by US$ 31.5 billion from US$ 252.0 billion in end March 2009 to US$ 283.5 billion in end December 2009.
Recommendations of the Thirteen Finance Commission needs to be taken on board in shaping the fiscal policy for 2010-11 and in the medium term.
Momentum in telecommunication sector continues with monthly additions exceeding 17.6 million connections.
Share of central government expenditure on social services including rural development, in total expenditure, plan and non-plan gone up to 19.46 per cent in 2009-10 which was only 10.46 per cent in 2003-04.
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