The highlights of the Economic Survey 2007-08 presented by Finance Minister P. Chidamabaram in the Lok Sabha Thursday:
1. Indian economy to top $1 trillion this fiscal at market exchange rate
2. Economy projected to grow 8.7 percent in 2007-08
3. Increased activity at stock markets, key indices giving returns of around 38 percent
4. Domestic investment and savings drive growth
5. Inflation projected to decline to 4.1 percent
6. Fiscal deficit to decline to 3.3 percent
7. Revenue deficit to decline to 1.5 percent
8. Gross tax GDP ratio to rise to 11.8 percent
9. Revenue expenditure grows 17 percent, higher than target of 5.4 percent
10. Concern: infrastructure constraints
11. Concern: slowdown in consumer goods sector
12. Concern: loss of dynamism in agriculture and allied sectors
13. Fundamentals continue to inspire confidence
15. Investment climate full of optimism
16. Concern: Rupee appreciation
17. 100 percent foreign direct investment (FDI) in home appliances, rural agricultural banks
18. 51 percent FDI in rural health
19. Some FDI in retail trade
20. Concern: Labour force growing faster than employment growth
21. Challenge: Maintaining 9 percent GDP growth
Indo-Asian News Service
Shortly before Finance Minister P. Chidambaram was to table the Economic Survey for this fiscal in the Lok Sabha Thursday, both houses were adjourned until noon as opposition MPs disrupted the proceedings, much to the anguish of the chair.
"You are working overtime to finish democracy in this country. I am sorry about it. There are so many notices for discussions. The president's address is slated for discussion today. These important matters cannot be discussed. With great sorrow and sadness, I am adjourning the house. Let the country decide what is to be done," Lok Sabha Speaker Somnath Chatterjee said minutes after the house met at 11 a.m.
The MPs of the opposition as well as the United national Progressive Alliance (UNPA) were demanding the waiving of loans for farmers.
Chatterjee had warned the disrupting MPs Wednesday that he would take action against those who came to the well. "Give me their names," he told his officers.
MPs of the Samajwadi Party, People's Democratic Party (PDP), Shiv Sena and the Bharatiya Janata Party (BJP) were in the well of the house, shouting slogans like "waive off the loan".
In the upper house, the MPs shouted "shame on the UPA government". Senior BJP leaders like Sushma Swaraj and S.S. Ahluwalia joined the shouting brigade but did not come to the well of the house.