While the growth in production of power and fertilizers was comparatively higher than in , coal, steel, cement, and refinery production posted comparatively lower growth.
Crude oil and natural gas production declined during The performance of the coal sector in the first two years of the Twelfth Plan has been subdued with domestic production at MT in and MT in A total length of 21, km of national highways has been completed till March under various phases of the NHDP.
In spite of several constraints due to the economic downturn, the NHAI constructed km length in , its highest ever annual achievement.
During a total of km of road construction was completed. GHG emissions grew on average 2. There is immense pressure on governments to act through two new agreements on climate change and sustainable development, both of which will be global frameworks for action to be finalized next year. India's Economic Survey for pegs the country's growth at 6. Economic Survey is presented every year, just before the Union Budget.
It is a flagship annual document of the Ministry of Finance, Government of India. Economic Survey reviews the developments in the Indian economy over the previous 12 months. Monetary policy was tightened by the Reserve Bank of India RBI to control inflation and curb inflationary expectations.
The growth rate of investment in the economy is estimated to have registered a significant decline during the current year. The year witnessed a sharp increase in interest rates that resulted in higher costs of borrowings; and other rising costs affecting profitability and, thereby, internal accruals that could be used to finance investment. But despite the low growth figure of 6. The global economic environment which was tenuous at best throughout the year, turned sharply adverse in September, , owing to the turmoil in the euro-zone countries and questions about others, reflected in sharp ratings downgrades of sovereign debt in most major advanced countries.
While a large part of the reason for the slowing of the Indian economy can be attributed to global factors, domestic factors also played role. Among these are the tightening of monetary policy owing to high and persistent headline inflation and slowing investment and industrial activity. However, for the Indian economy, the outlook for growth and price stability at this juncture looks more promising. The Economic Survey ES hereafter is a document which presents the macroeconomic situation of India during a given period.
At the MoF website, detailed profiles of the people who drafted the Economic Survey are available. This blog has analysed the previous three economic surveys ; ; undertaken under the guidance of Kaushik Basu, the predecessor to Rajan. The current analysis is broadly divided into two parts. Here, we discuss the gloomy industrial performance, issues surrounding productivity of labour and the role of government expenditure.
The second part focuses on select policy proposals and examines it in brief; the debates surrounding oil subsidies, high current account deficit and attracting foreign capital fall under this section.
Whatever be the growth in their supply, the demand will automatically adjust. In other words, aggregate demand adapts to aggregate supply and investment adjusts to saving.
Thus, in equilibrium, there can be no unemployment of factors, including that of labour. It will presently be seen that it is such a framework which enables the ES to recommend a reduction of government expenditure which will apparently promote growth. Rajan deserves praise for underscoring the importance of quality employment right in the beginning of the ES. Policymakers are usually focused on short-run economic management issues.
But the short run has to be a bridge to the long run. And a good job is the best form of inclusion. Labour productivity rises with greater investment in physical and human capital. The reason for low agricultural productivity is identified to be low investment and therefore the solution proposed is an increase in capital per worker p.
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