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> Policies> economic survey 2000-01
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Economic Survey 2000-2001
[Review of Developments]
Supply Side: Production
Agriculture and allied sectors
Industry
Service sector
Infrastructure
Social sectors
Agriculture and allied sectors
1.25 The adverse weather conditions affected the crop prospects, particularly foodgrains and oilseeds production in year 2000-01. The foodgrains production in 2000-01 is likely to be 199 million tonnes compared to 208.9 million tonnes in the preceding year. The decline of nearly 10 million tonnes should, however, not pose a serious supply management problem since the country is comfortably perched on nearly 45 million tonnes of foodgrain stocks, which should be an adequate safeguard against speculative uptrend in foodgrain prices.
1.26 As for commercial crops, the rabi prospects of oilseeds and pulses production in 2000-01 is also not satisfactory since their area sown is much less this year due to inadequate winter rainfall. Mustard crop has particularly suffered in the rabi season. Hence edible oil prices may be under pressure later in summer and would need to be carefully watched.
Service sector
1.34 Liberalisation of the economy in the 1990s and encouragement of private investment in industry and infrastructure have induced sustained high growth in service sectors. A rapid increase in expenditure on public administration, social services, rural extension services and defence also had an impact on the growth of service sector. As a consequence, the share of the service sector in GDP increased from a level of 28 per cent in the early 1950’s to 41 per cent in 1990-91 and further to around 49 per cent in 2000-2001. The service sector is expected to grow at 8.3 per cent in 2000–01 induced by substantial foodgrains procure-
ment by the Government, sustained industrial growth and good performance of transport services, trade related activities and financial services.
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