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