Highlights of Economic Survey 2004-05

Projecting a seven per cent growth in 2005-06, government's pre-Budget Economic Survey on Friday outlined reforms in tax and expenditure and labour laws as a priority in the Budget and favoured opening up of more sectors, including retail, to foreign direct investment to push up investment.

Following are the highlights of the Economic Survey 2004-05:

GDP projected at 6.9 per cent
7-8 per cent GDP growth projected for 2005-06
Agri and allied sector to grow at meagre 1.1 per cent
Inflation pegged at 6.4 per cent
Forex reserve at $128.91 billion
Exports growth at 25.6 per cent
Exports value stands at Rs 2,74,313 crore (Rs 2,743.13 billion)
Negative growth in foodgrain production at 2.8 per cent
Imports growth at 32.1 per cent
Total imports value stand at Rs 3,76,815 crore (Rs 3,768.15 billion)
Industrial growth soars at 8.4 per cent
ASEAN, China, Japan and Korea account for 19.9 per cent trade
EU (19 per cent) and North America (12.9 per cent) at 2nd and 3rd spot
External debt goes down to 17.8 per cent of GDP
Liquidity management a concern, overhang at Rs 81,000 crore (Rs 810 billion)
Food credit grows by 15.2 per cent
India heading to equitable local/STD rates
Higher securities investment reflect strong outlook of India
Advocates duty cuts to ASEAN level
Bharat Sanchar Nigam, Mahanagar Telecom Nigam's market share take a dip
FDI policy needs review
Non-food credit pegged at 20.1 per cent
Deposit rates of five major banks up by 25 basis points
Housing loans rate go up
Prime lending rates lower by 25 to 50 basis points
Agriculture credit up by 30 per cent
Gross bank credit marches ahead by 19.9 per cent
Fiscal deficit at 4.4 per cent of GDP
Revenue deficit broughtdown to 2.5 per cent of GDP
States swap high cost Rs 92,444 crore (Rs 924.22 billion) loans with Centre
Overall public issues grew five times to Rs 35,859 crore (Rs 358.59 billion)
Tele density grows at 6.6 per cent
Advocates limited government role in infrastructure
Gross domestic saving grew by 28.1 per cent
Gross domestic investment shots by 26.3 per cent
Auto and auto components sales grew by 20 per cent
Electronics and IT jumped at 18.2 per cent
Steel leaped ahead by 4 per cent
Cement production higher by 6.81 per cent
Core industries registered lower average of 5.4 per cent
Railways traffic moved forward at 7.7 per cent
Cargo handled at sea ports posted 11.1 per cent growth
Cargo handled at airports zoomed 18.3 per cent
Air passenger traffic flew at 21.8 per cent
Human Development index improved to 0.595
National Food for Work Programme launched in 150 districts
National Rural Employment Guarantee Bill introduced
Labour reforms need for increasing exports
Infrastructural, procedural bottlenecks hitting growth