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Friday, February 19, 2010 (13:30:18) |
| Tags : Manmohan Singh, Delhi |
Highlights of economic review by PM's council
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| New Delhi: Following are the highlights of a review of the Indian economy conducted by the Prime Minister's Economic Advisory Council headed by C. Rangarajan:
- India's growth pegged at 7.2 percent for this fiscal
- Economy to grow 8.2 percent and 9 percent over next two years
- Agriculture output to decline 0.2 percent this fiscal
- Industrial production to expand 8.6 percent
- Services sector to grow 8.7 percent
- Food inflation may also push up general price level in 2010-11
- Risk of rise in international commodity prices
- Estimated investment rate for this fiscal pegged at 36.2 percent
- Estimated savings rate pegged at 34.0 percent
- Export recovery slower, projected at $168.7 billion
- Easily possible to cut fiscal deficit by 1-1.5 percent in 2010-11
- Service tax coverage must be expanded
- Timely release of food essential to curb price rise
- Timely imports at early signals of shortfall in production also must
- Wheat output will be almost equal and pulses slightly higher than last year
- Summer rice output lower but winter crop better
- But government wheat and rice stocks to be comfortable
- Agriculture and power two main constraints to growth in medium term
- Formulate clear policy on genetically modified crops
- Important to scale up nuclear power generation (IANS) |
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