Finance Minister Pranab Mukherjee on Thursday tabled the Economic Survey for 2009-10 that says that economic recovery is weak and the high double-digit food inflation in 2009-10 is a matter of great concern.
The survey warned that high food prices would rise further over next few months and criticised the food management policies that have led to 'unacceptably' high prices of items like sugar.
However, it says that full economic recovery and return to 9 per cent growth rate is likely in 2011-12.
Following are the highlights of Economic Survey 2009-10:
- Economy likely to grow by up to 8.75 per cent in 2010-11.
- Full recovery; return to 9 per cent growth in 2011-12.
- Broad recovery gives scope for gradual stimulus roll back.
- High double-digit food inflation in 2009-10 major concern.
- Signs of food inflation spreading to other sectors.
- Farm & allied sector production falls 0.2% in 2009-10.
- Need serious policy initiatives for 4% agriculture growth.
- Moots direct food subsidy via food coupons to households.
- Favours making available food in open mkt.
- Favours monthly ration coupons usable anywhere for poor.
- Gross fiscal deficit pegged at 6.5 pc of GDP in 2009-10.
- India 10th largest gold holding nation at 557.7 tonnes.
- Exports in April-December 2009 down 20.3 per cent.
- Imports in April-December 2009 down 23.6 per cent.
- Trade gap narrowed to USD 76.24 bn in April-December.
- 32.5% savings & 34.9% investment (of GDP in 2008-09) put India in league of world's fastest growing nations.
- Government initiates steps to boost private investment in agri.
- Wants credit available at reasonable rates on time for private sector to invest in agriculture.
- Slowdown in infrastructure that began in 2007, arrested.
- 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.
- Virtually every second Indian has access to phone.
- Auction for 3G spectrum to provide existing and foreign players to bring in new technology and innovations.