Highlights of Economic Survey

Some Highlights and facts produced in economic survey are:

 

 eco

  • Industrial Relations Climate Generally Remained Peaceful and Cordial; Number of Strikes and Mandays Lost Show Declining Trend.
  • Upward Trend in Employment Maintained; Overall Employment Increased by 6.94 Lakh in June 2012 Over June 2011. In export oriented units, employment at the overall level has increased by 5.81 lakh whereas in the non-exporting units, it has increased by 1.10 lakh during the period June 2012 over June 2011. The results of the 15th quarterly survey reveal that there has been a sustained and consecutive increase in employment in both the public and private sectors covered at overall level during the last eleven quarters with a total addition of 30.73 lakh employment during this recovery period.
  • India’s services sector has emerged as a prominent sector in terms of its contribution to national and state incomes, trade flows, FDI inflows and employment. For more than a decade the sector has been pulling up the growth of Indian economy with great stability. The share of services in India’s GDP at factor cost (at current prices) increased from 33.3% (1950-1951) to 56.5% in 2012-13, as per advance estimates. With 85% of share of services in the GSDP,
  • Chandigarh leads other states followed by Delhi at 81.8%. Other states such as Kerala, Mizoram, West Bengal, Tamil Nadu, Maharashtra, Nagaland and Karnataka have higher than all India share.
  • The FDI inflows in the services sector grew robustly at 57.62% compared to the growth of overall FDI inflows at 33.6%, in 2011-12.
  • Telecom, Tourism and Railways have shown better performance compared to other services like aviation, shipping, ports and storage. The telecom connections (wire and wireless) increased from 4297.25 lakh in 2008-09 to 9513.4 lakh in 2011-12. The foreign exchange earnings from foreign tourist arrival grew from US $ 11832 million to US $ 16564 million in 2011-12.
  • During the 11th Five Year Plan, nearly 55,000 MW of new generation capacity was created. Yet there continues to be an overall energy deficit of 8.7% and peak shortage of 9%. The 12th Plan has projected total domestic energy production of 669.6 million tons of oil equivalent (MTOE) in 2016-17 and 844 MTOE in 2021-22.
  • More than 3.79 lakh villages across the country have been provided electricity through the Rajiv Gandhi Grameen Vidyutikaran Yojana (RGGVY). The rural electrification scheme launched in April, 2005 has provided electricity to 1,06,116 unelectrified villages and intensive electrification in 2,73,328 partially electrified villages.
  • The Government of India has taken several initiatives to expedite highway projects under the National Highway Development Project (NHDP).
  • More than 900 projects with total project cost (TPC) of Rs. 5,43,045 crore in the infrastructure sector have been initiated till December, 2012, as compared to over 600 projects with TPC of Rs. 3,33,083 crore as on 31st March, 2010. This seems to strongly reflect the favour PPPs have found in India. The PPP Appraisal Committee (PPP AC) constituted in January, 2006 has approved 307 central projects with TPC of Rs. 2,97,856.58 crores.
  • Food grains production in India has shown remarkable improvement in recent years. The production of food grains in 2011-12 was at a record high of 259.32 million tones. Nevertheless the XIth Five Year Plan (2007-12) witnessed an average annual growth of 3.6% in GDP from agriculture and allied sector against a target of 4 per cent realized agriculture growth has been higher than the average annual growth achieved during the IXth and Xth Plans despite drought and deficient monsoon conditions.
  • The year 2012 may arguably be considered a high water mark in the field of environment and sustainable development initiative. The global community met at the UN Conference on sustainable development that took place in Rio in June 2012, also marking the 20th Anniversary of the landmark first Earth Summit held in 1992. The Conference reviewed the progress made, identified implementation gaps, and assessed new and emerging challenges, which resulted in a political outcome called the “Future We Want”.
  • The Survey observes that widening trade deficit and Current Account Deficit (CAD) crossing 4% of GDP in 2011-12 and the first half of 2012-13 have been matters of concern. Focus is on Curbing Imports Of Gold And Making Oil Prices More Market Determined To Contain CAD.
  • The Economic Survey 2012-13 presented by the Union Finance Minister, Shri P. Chidambaram in the Lok Sabha today states that the Gross Tax Revenue in April-December, 2012 has grown year-on-year by 15% to reach Rs. 6,83,345 crore. This was higher than that of 12.2% in April-December 2011. It however, falls significantly short of the growth envisaged by the budget estimates of 2012-13 (Rs. 10,77,612 crore).
  • The Economic Survey 2012-13 presented by the Union Finance Minister, Shri P. Chidambaram in the Lok Sabha today has stated that the Foreign Exchange Reserves in the current fiscal, on month-on-month basis remained in the range of US $ 286.0 billion (at end-May 2012) to US $ 295.6 billion (at end-December 2012).

(Reference: Economic survey report & PIB)

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