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According to the Economic Survey 2010-11, tabled in Parliament on February 25, 2011 by the Union Finance Minister, Mr Pranab Mukherjee, the economy is expected to grow at 8.6 per cent in 2010-11 and is expected to be around 9 per cent in the next fiscal year. The growth has been broad based with a rebound in the Agriculture sector which is expected to grow around 5.4 per cent. Manufacturing and Services sector have registered impressive gains. The Survey reports that the industrial output growth rate was 8.6 per cent while the manufacturing sector registered a growth rate of 9.1 per cent in 2010-11.
The main highlights of the survey are:
- Economy expected to grow at 8.6 per cent in 2010-11 and 9 per cent in next fiscal
- Growth broad based with rebound in Agriculture, continued momentum in manufacturing and private services
- Fundamentals strong with savings and investments up, exports rising rapidly and inflation falling
- Agriculture likely to grow at 5.4 per cent in 2010-11
- Industrial output grows by 8.6 per cent
- Manufacturing sector registers 9.1 per cent growth
- Exports in April–December 2010 up by 29.5 per cent
- Imports in April–December 2010 up by 19 per cent
- Trade gap narrowed to US$ 82.01 billion in April-December 2010
- 59 per cent rise in Net Bank Credit
- Social programme spending stepped up by 5 percentage points of GDP over past 5 years
- 9.7 per cent growth of GDP at market prices
- Production of foodgrains estimated at 232.1 million tonnes
- Forex Reserves estimated at US$ 297.3 billion
- Gross Fiscal Deficit stands at 4.8 per cent of GDP
For more details on the Economic Survey 2010-11, click here
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