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Highlights of Economic Survey 2007-08

Last updated on: February 28, 2008 12:40 IST

Union Finance Minister P Chidambaram tables the Economic Survey for 2007-08 in Parliament on Thursday.

Following are the highlights:

  • Economy slows down to 8.7% in 2007-08

  • Inflation projected at 4.4 per cent in 2007-08.

  • Holding 9% growth a challenge, two digit growth even greater
  • Inflation and infrastructure biggest growth challenges
  • Skill dearth causing attrition, wage hike; pushing inflation
  • Farm growth in FY'08 seen at 2.6%, against 3.8% a year ago
  • Foodgrain output seen at 219.3 MT against 217.3 MT in FY'07
  • Acceleration in domestic investment, savings drove growth
  • Macroeconomic fundamentals continue to inspire confidence
  • Investment climate full of optimism
  • Industrial growth slower at 9% in first 9 months of FY'08
  • Costly rupee, sluggish consumer goods and infra a concern
  • Rupee rose by 8.9% against USD during current fiscal
  • Average credit growth slowed to 26.8% in FY'07, down in '08
  • Forex reserves up by $91.6 bn to $290.8 bn on Feb 8, 2008
  • GDP projected at Rs 46,93,602 crore (mkt price) in 2007-08
  • Inflation reined despite higher commodity prices & surge in capital inflows
  • Growth deceleration spread across most sectors, barring power, community services and composite category of trade, hotels, transport and communications
  • Cumulative increase in non-food credit by Jan 4, 2008 was 11.8% as against 17.5% a year ago
  • Capital inflows rise to 7.7% of GDP in first half of FY'08 as against 5.1% in FY'07
  • FDI inflows reach $11.2 bn, outward investments surge to $7.3 bn in April-September
  • Exports reach $111 bn in first 9 months of FY'08; Imports grow 25.9%
  • Surge in capital inflows, including FDI, to continue in medium term
  • Complete the process of selling 5-10% equity in previously identified profit making non-navratna PSUs
  • Phase out control on sugar, fertiliser, drugs
  • Sell old oil fields to private sector
  • Allow a share for foreign equity in all retail trade
  • Raise foreign equity in insurance to 49 per cent
  • Allow 100 per cent FDI in greenfield private agri banks
  • State Electricity Regulatory Commissions should notify rational, credible, cross subsidy to make open-access viable
  • Increase work week to 60 hours from 48 hours and daily limit to 12 hours.

Economic Survey 2007-08: Complete Coverage

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