Economic survey 2011-12 in brief

·         GDP growth rate pegged at 6.9% this fiscal; forecasts for 2012-13 is 7.6% and for 2013-14 is 8.6%.

·         Agriculture forecast at 2.5%. services sector grows by 9.4%; its share in GDP rises to 59%.

·         Industrial growth pegged at 4-5%, expected to improve.

·         Inflation to tone down by year end.

·         Fiscal consolidation on track – savings and capital formation expected to rise.

·         Exports grew at 40.5% in the first half of current fiscal and imports grew 30.4%. Forex reserves rise to nearly cover the entire external debt stock.

·         Central spending on social services hiked to 18.5% this fiscal.

·         MNREGA coverage rises to 5.49 crore households in 2010-11.

Sustainable development and climate change concerns high on priority.

The chief author of the survey – Mr. Kaushik Basu, Government’s Chief Economic Advisor.