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News Update as at 18.00 hrs (IST)
Economic Survey
Survey Highlights
FY'08 economic growth at 8.7 per cent, against 9.6 per cent a year ago
Inflation rate to decline from 5.6 per cent in FY'07 to 4.4 per cent in '08
Holding 9 per cent growth a challenge, two digit growth even greater
Inflation and infrastructure biggest growth challenges
Skill dearth causing attrition, wage hike; pushing inflation
Farm growth in FY'08 seen at 2.6 per cent, against 3.8 per cent a year ago
Foodgrain output seen at 219.3 m.t. against 217.3 m.t. in FY'07
Acceleration in domestic investment, savings drove growth
Macroeconomic fundamentals continue to inspire confidence
Investment climate full of optimism
Industrial growth slower at 9 per cent in first 9 months of FY'08
Costly rupee, sluggish consumer goods and infra a concern
Rupee rose by 8.9 per cent against USD during current fiscal.
Average credit growth slowed to 26.8 per cent in FY'07; down in '08
Forex reserves up by $91.6 b to $290.8 b as on Feb 8, 2008
GDP projected at Rs 46,93,602 crore (market price) in 2007-08
Inflation reined despite higher commodity prices & surge in capital inflows
Growth deceleration spread across most sectors, barring power, community services and composite category of trade, hotels, transport and communications
Cumulative increase in non-food credit by Jan 4, 2008 was 11.8 per cent as against 17.5 per cent a year ago
Capital inflows rise to 7.7 per cent of GDP in first half of FY'08 as against 5.1 per cent in FY'07
FDI inflows reach $11.2 b, outward investments surge to $7.3 b in April-September
Exports reach $111 b in first 9 months of FY'08; Imports grow 25.9 per cent
Surge in capital inflows, including FDI, to continue in medium term
Complete the process of selling 5-10 per cent equity in previously identified profit making non-Navratna PSUs
Phase out control on sugar, fertiliser, drugs
Sell old oil fields to private sector
Allow a share for foreign equity in all retail trade
Raise foreign equity in insurance to 49 per cent
Allow 100 per cent FDI in greenfield private agri banks
State Electricity Regulatory Commissions should notify rational, credible, cross subsidy to make open-access viable
Increase work week to 60 hours from 48 hours and daily limit to 12 hours. - PTI
Next: Postal life insurance funds to be invested in Govt bonds
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