Following are the economy-related highlights of President Pratibha Patil's address to the joint session of parliament Thursday where she outlined the United Progressive Alliance (UPA) government's broad agenda for the next five years:
- Immediate priority to counter effects of global slowdown
- Focus on small units, exports, textiles, automobile, infrastructure, housing
- Divestment of stake in state-run units but no privatisation
- Encourage foreign investment with appropriate policy changes
- Reforms in insurance, pension and banking
- Reorient subsidies so that they benefit only the needy
- Ensure prudent fiscal management
- Move towards common goods and services tax regime
- Encourage pubic-private partnerships in infrastructure
- Expand rural telephone network to achieve 40 percent tele-density
- New targets for rural electrification, irrigation and roads
- Integrated energy policy for adding 13,000 MW every year
- Aggressive hydrocarbons exploration with renewed hunt for oil assets abroad
- Make civilian nuclear energy deal operational
- Massive skill development initiative to realise demographic dividend
- Legislative amendments to protect unfair displacement from farmland
- Brain gain policy to attract global talent to 14 "innovation universities"
- Measures to get back illegal money stashed overseas
Showing posts with label Economic Survey 2008. Show all posts
Showing posts with label Economic Survey 2008. Show all posts
Thursday, June 4, 2009
Thursday, February 28, 2008
Bureaucracy must focus on excellence: Economic Survey
Coming down heavily on bureaucrats for their inability to deliver high quality services, the Economic Survey for 2007-08 Thursday said they should shed activities that were best left to the private sector.
In the chapter titled "Challenges, Policy Response and Medium-term Prospects", the annual report card on the Indian economy said the bureaucracy needed to focus on excellence to meet the aspirations of the people.
"As the bureaucratic capacities to deliver the goods and services in sufficient quantity and adequate quality are heavily constrained, they must shed the other activities that are best done by private profit and non-profit organisations and focus on excellence in these areas," the survey said.
"Only then can they satisfy the majority of their citizens and meet their legitimate aspirations."
According to the report, the challenges and opportunities to India's development arose at two levels - the central government and states - and the latter must step up its efforts in good governance.
"The states must refocus their efforts on the provision of public and quasi-public goods, some of which have been neglected by states, and improve the service provided by these goods," the survey said.
Indo-Asian News Service
In the chapter titled "Challenges, Policy Response and Medium-term Prospects", the annual report card on the Indian economy said the bureaucracy needed to focus on excellence to meet the aspirations of the people.
"As the bureaucratic capacities to deliver the goods and services in sufficient quantity and adequate quality are heavily constrained, they must shed the other activities that are best done by private profit and non-profit organisations and focus on excellence in these areas," the survey said.
"Only then can they satisfy the majority of their citizens and meet their legitimate aspirations."
According to the report, the challenges and opportunities to India's development arose at two levels - the central government and states - and the latter must step up its efforts in good governance.
"The states must refocus their efforts on the provision of public and quasi-public goods, some of which have been neglected by states, and improve the service provided by these goods," the survey said.
Indo-Asian News Service
Highlights of Economic Survey 2008
The salient points of the Economic Survey for 2007-08 presented by Finance Minister P. Chidamabaram in the Lok Sabha Thursday:
1. Indian economy projected to grow 8.7 percent in 2007-08
2. To top $1 trillion this fiscal at market exchange rate
3. Inflation projected to decline to 4.1 percent in 2007-08, from 5.6 percent in 2006-07
4. Focus on containing inflation
5. Fiscal deficit to decline to 3.3 percent
6. Revenue deficit to decline to 1.5 percent
7. Gross tax GDP ratio to rise to 11.8 percent
8. Domestic investment and savings drive growth
9. Bank credit grows by 21.5 percent
10. Increased activity at stock markets, key indices giving returns of around 38 percent
11. Money registers annual average growth of 19.5 percent in 2006-07
12. Gross foreign direct investments (FDI) inflows reaching $11.2 billion in first six months of 2007-08
13. 150 percent increase in net FDI inflows in 2006-07 to $23 billion.
14. 70 percent export target achieved during April-Dec 2007
15. Concern: Rupee appreciation
16. Exporters provided relief to offset rising rupee
17. Industrial sector achieves 9.2 percent growth during April-Dec 2007
18. Services sector growth continues, transport and communications leads the way with 15.3 percent growth
19. 13.9 percent growth in financial services in 2006-07
20. Revenue expenditure grows 17 percent, higher than target of 5.4 percent
21. Concern: infrastructure constraints
22. Concern: slowdown in consumer goods sector
23. Non-food crops production exceeds target
24. Food grain production in 2007-08 expected to fall short of the target by 2.2 million tonnes
25. Food stocks comfortable
26. Concern: loss of dynamism in agriculture and allied sectors
27. 42.7 million self-help groups covered under micro finance
28. Fundamentals continue to inspire confidence
29. Investment climate full of optimism
30. 100 percent foreign direct investment (FDI) in home appliances, rural agricultural banks
31. 51 percent FDI in rural health
32. Some FDI in retail trade
33. Concern: Labour force growing faster than employment growth
34. Challenge: Maintaining 9 percent GDP growth
Indo-Asian News Service
1. Indian economy projected to grow 8.7 percent in 2007-08
2. To top $1 trillion this fiscal at market exchange rate
3. Inflation projected to decline to 4.1 percent in 2007-08, from 5.6 percent in 2006-07
4. Focus on containing inflation
5. Fiscal deficit to decline to 3.3 percent
6. Revenue deficit to decline to 1.5 percent
7. Gross tax GDP ratio to rise to 11.8 percent
8. Domestic investment and savings drive growth
9. Bank credit grows by 21.5 percent
10. Increased activity at stock markets, key indices giving returns of around 38 percent
11. Money registers annual average growth of 19.5 percent in 2006-07
12. Gross foreign direct investments (FDI) inflows reaching $11.2 billion in first six months of 2007-08
13. 150 percent increase in net FDI inflows in 2006-07 to $23 billion.
14. 70 percent export target achieved during April-Dec 2007
15. Concern: Rupee appreciation
16. Exporters provided relief to offset rising rupee
17. Industrial sector achieves 9.2 percent growth during April-Dec 2007
18. Services sector growth continues, transport and communications leads the way with 15.3 percent growth
19. 13.9 percent growth in financial services in 2006-07
20. Revenue expenditure grows 17 percent, higher than target of 5.4 percent
21. Concern: infrastructure constraints
22. Concern: slowdown in consumer goods sector
23. Non-food crops production exceeds target
24. Food grain production in 2007-08 expected to fall short of the target by 2.2 million tonnes
25. Food stocks comfortable
26. Concern: loss of dynamism in agriculture and allied sectors
27. 42.7 million self-help groups covered under micro finance
28. Fundamentals continue to inspire confidence
29. Investment climate full of optimism
30. 100 percent foreign direct investment (FDI) in home appliances, rural agricultural banks
31. 51 percent FDI in rural health
32. Some FDI in retail trade
33. Concern: Labour force growing faster than employment growth
34. Challenge: Maintaining 9 percent GDP growth
Indo-Asian News Service
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