Think Ahead

The econmic survey has expeted that the Indian Economy would grow by up to 8.75 per cent in 2010—11  . As far as Full recovery is concerned the growth rate would  return to 9 per cent growth in 2011—12 .  The survey document has recommended gradual stimulus roll back . One of major concers expressed is high double—digit food inflation in 2009—10 . The problem becomes more exacerbated as the signs of food inflation are spreading to other sectors.  The production of Farm & allied sector has fallen by  0.2 p.c. in 2009—10. There is need of  serious policy initiatives to achieve the target of  4 p.c. agriculture growth . The survey has favoured  direct food subsidy via food coupons to households. There should be  monthly ration coupons usable anywhere for poor people.

Economic survey has also predicted gross fiscal deficit pegged at 6.5 p.c. of GDP in 2009-10 . There is serious decline in foreign trade Exports in April-December 2009 down 20.3 per cent on the other hand imports were down in April-December 2009 by 23.6 per cent.  India has become 10th largest gold holding nation at 557.7 tonnes.  Trade gap narrowed to $ 76.24 billion in April-December.  32.5% savings & 34.9% investment (of GDP in 2008-09) put India in league of world’s fastest growing nations. The document recommends availabilty of  credit at reasonable rates on time for private sector to invest in agriculture  Domestic oil production to rise 11 per cent in 2009-10 .  Gas output up 52.8 per cent to 50.2 billion cubic meters with RIL starting production India world’s 2nd largest wireless network with 525.1 million mobile users  Now, virtually every second Indian has access to phone.  The Auction for 3G spectrum would  provide existing and foreign players to bring in new technology and innovations.

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