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Economic Survey 2007-08 :Highlights

Indian Finance Minister P. Chidambaram tabled the Economic survey 2007-08 in the Lok Sabha . Here are the highlights of the survey.

Economic survey 2007-08 highlights

  • India needs second green revolution.
  • GDP projected to grow 8.7 % in 2007-08, against 9.6% a year ago.
  • Fiscal deficit to be kept below 3 percent in 2008-09.
  • Inflation to decline from 5.6% in FY 07 to 4.4% in 08.
  • Dearth of skill causing attrition, wage hike; pushing inflation.
  • Farm growth in FY 08 seen at 2.6%, against 3.8% a year ago.
  • Foodgrain output seen at 219.3 MT in FY 08 against 217.3 MT in FY 07.
  • Acceleration in domestic investment, savings drove growth.
  • Macroeconomic fundamentals continue to inspire confidence.
  • Industrial growth slower at 9% in first 9 months of FY 08.
  • 100 % foreign direct investment (FDI) in home appliances, rural agricultural banks.

Concern

  • Concern: Labour force growing faster than employment growth.
  • Concern: Costly rupee, sluggish consumer goods and infra a concern for the economy.

Challenge

  • Challenge: Maintaining 9% GDP growth.
  • Challenge: Inflation and infrastructure biggest challenges for growth.
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