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:
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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
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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
