Author Description

A flagship annual document of the Ministry of Finance, Government of India, Economic Survey 2009-10 reviews the developments in the Indian economy over the past 12 months, summarizes the performance on major development programmes, and highlights the policy initiatives of the government and the prospects of the economy in the short to medium term. With detailed statistical data covering all aspects of the economy-macro as well as sectoral-the report provides an overview of the following issues: state of the Indian economy; challenges, policy responses, and medium-term prospects; fiscal policy and monetary management; financial intermediation and the role of markets; external sector, balance of payments, and trade; agriculture and industrial development; energy, infrastructure, and communications; and human development and public programmes. Predicting a growth rate of 8.5 (+/- 0.25) per cent in 2010-11, the Survey forecasts a full recovery from the downturn caused by the global financial crisis and return to 9 per cent growth in 2011-12. While the industry and services sectors are expected to log an excess of 8 per cent growth this fiscal, agriculture will witness a short-duration negative growth in 2009-10. The Survey addresses some of the key challenges the Indian economy faces in its path to recovery: the worsening debt indicators and rising food inflation. This year's Survey also has a new chapter on the micro-economic foundations of policymaking.