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Highlights of the Economic Survey 2001-2002

Following are the highlights of the Economic Survey 2001-2002:

  • Economic growth is estimated at 5.4 per cent compared to four per cent in 2000-2001.
  • Fiscal deficit overshoots to 5.1 per cent from the budgeted level of 4.7 per cent for 2001-02.
  • Agriculture sector grows at 5.7 per cent in 2001-02 from a negative growth rate of 0.2 per cent last year.
  • Foodgrains output is estimated to rise to 209 million tonnes compared to 196 million tonnes in 2000-01.
  • Industrial growth continued to be low at 2.3 per cent in April-December 2001, lowest during the last ten years, compared to 5.8 per cent in April-December, 2000.
  • Exports grew at mere 0.6 per cent during first nine months of current fiscal compared to hefty 20.8 per cent in the same period last year.
  • Average annual growth rate during ninth five year plan (1997-2002) now estimated at 5.4 per cent, lower than plan target of 6.5 per cent.
  • Inflation, in terms of Wholesale Price Index, touched lowest in last two decades of 1.3 per cent by the end of January 2002.
  • Foreign exchange reserves reached a record level of 50 billion dollar at the end of January 2002.
  • External debt to GDP ratio was 21 per cent at the end of September 2001.
  • Six infrastructure industries grew at two per cent in April-December as compared to 6.8 per cent in same period last year.
  • Services sector estimated to grow at 6.5 per cent compared to 4.8 per cent last year.
  • Gross domestic investment marginally low at 24 per cent of GDP in 2000-01 from 24.3 per cent in 1999-2000 mainly due to a fall in private sector investment.
  • Gross domestic savings improved to 23.4 per cent in 2000-01 from 23.2 per cent of GDP in 1999-2000.
  • Broad money supply (M3) as on January 11, 2002 exhibited growth of 14.4 per cent as against 16.6 per cent a year ago.
  • Central government expenditure (Plan and Non-Plan) on social sectors as a percentage of total Central government expenditure (Plan and Non-Plan) increased to 10.7 per cent (budgeted estimate) in 2001-02 from 8.1 per cent in 1992-93.
  • Comfortable balance of payment; current account deficit reduced to about 0.5 per cent in 2000-01 from 1.1 per cent in 1999-2000.
  • Trade deficit narrowed to 3.1 per cent of GDP in 2000-01 from 4 per cent in 1999-2000.
  • During 2001-02 procurement of wheat touched a record level of 20.63 million tonnes.

The Rediff Budget Special
The Economic Survey 2001-02
Run-Up To The Budget

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