2011-12 Economic Survey highlights

The finance ministry report pegs the economic growth in 2013/14 fiscal year at 8.6 per cent.

Highlights:

* Economic Survey projects 6.5-7 per cent inflation for March

* Economic Survey maintains 6.9 per cent growth for 2011-12

* Economic Survey projects economic growth of 7.6 per cent,plus or minus 0.25%,for next financial year

* Agriculture and Services sectors continue to perform well. 2.5 % growth in Agro sector forecast.

* Services sector grows by 9.4%,its share in GDP goes up to 59%.

* Industrial growth pegged at 4-5%,expected to improve as economic recovery resumes.

* Inflation on WPI was high but showed clear slow down by the year-end; this is likely to spur investment activities leading to positive impact on growth.

* WPI food inflation dropped from 20.2% in February 2010 to 1.6% in January 2012; calibrated steps initiated to rein-in inflation on top priority.

* India remains among the fastest growing economies of the world. Country’s sovereign credit rating rose by a substantial 2.98 percent in 2007-12.

* Fiscal consolidation on track – savings & capital formation expected to rise.

* Exports grew @ 40.5% in the first half of this fiscal and imports grew by 30.4%. Foreign trade performance to remain a key driver of growth. Forex reserves enhanced – covering nearly the entire external debt stock.

* Central spending on social services goes up to 18.5% this fiscal from 13.4% in 2006-07.

* MNREGA coverage increases to 5.49 crore households in 2010-11.

* Sustainable development and climate change concerns on high priority.