Highlights of Economic Survey presented in Parliament on 27th February 2007
• Economy projected to grow at 9.2% in 2006-07, building on 9% growth in 2005-06.
• Steady progress on the infrastructure front.
• Sharp rise in the rate of investment in the economy.
• Trade, hotels, transport and communication services continue to grow at double-digit rates for the fourth successive year.
• Momentum in growth in financial services maintained with a growth of 11.1% in 2006-07.
• Increase in savings rate expected with higher growth of economy.
• Fiscal consolidation satisfactory.
• Agricultural growth pegged at 2.7% with total foodgrains production in 2006-07 at 209.2 million tons, up from 208.6 million tons in 2005-06.
• Sustaining high growth with moderate inflation, inclusive nature of growth and effective Government intervention in critical areas like social sector.
• Need to re-visit multiplicity of poverty alleviation schemes.
• Alternative mechanisms for subsidy delivery for income transfers to truly needy suggested.
• FDI rises by 98.4% in first half of 2006-07.
• Foreign exchange reserves touch $ 180 billion.
• Buoyancy in exports maintained.
• Government making efforts to ease pressure on prices.
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