Budget & Economic Survey of India 2009 -2009 (2010)

NEW DELHI ( July 02 )- India’s Economic Survey for 2008-09 tabled in parliament Thursday has called for decontrolling petrol and diesel prices at the earliest even as the opposition protested the fuel price hike announced a day earlier.

The government increased petrol and diesel prices by nearly 10 percent Wednesday, citing as a reason the climbing international oil price which has increased the burden on the state-owned oil marketing companies.

The survey said as long as domestic prices remained below the cost of imports, demand would increase, accentuating the negative impact of the terms of trade effect on national income.

According to it, the fall in the global oil price from the peak of $147 last year could be a golden opportunity to reform the pricing and control system.

It says that as the low prices of oil has provided a temporary window for decontrol of petrol and diesel, this window must be utilized at the earliest, said a government communique.

Besides, the survey said other issues like open access to power, decontrol of coal also need to be addressed to have a viable long-term solution to our dependence on foreign oil and the debilitating effect of power failure.

ECONOMIC GROWTH DURING 2008-09

Overall GDP growth
The overall growth of GDP at factor cost at constant prices in 2008-09, as per revised estimates released by the Central Statistical Organisation (CSO) (May 29, 2009) was 6.7 per cent. This is lower than the 7 per cent projection in the Mid-Year Review 2008-09 (Economic Division, Department of Economic Affairs (DEA), December 2008) and the advance estimate of 7.1 per cent, released subsequently by CSO in February 2009.

Industry and infrastructure
Though growth of the industrial sector started to slow down in the first half of 2007-08, the overall growth during that year remained as high as 8.5 percent. The index of industrial production for the year 2008-09 points towards a sharp slowdown with 09 but the estimates are still lower than the target of 233 million tonnes set out for the year and also the final estimates of 230.78 million tonnes for 2007-08.

Agriculture production
For three consecutive years (2005-06 to 2007-08), foodgrain production recorded an average annual increase of over 10 million tonnes. The total foodgrain production in 2007-08 was estimated at 230.78 million tonnes as against 217.3 million tonnes in 2006-07.

website: http://indiabudget.nic.in

Railway Budget:

Mamata set to present ‘pro-people’ rail budget

With rail budget scheduled to be presented in the Lok Sabha on July 3, Railway Minister Mamata Banerjee said on Wednesday that it will be a people’s budget.

She said expectation was high from the Budget and added that she barely got 15 days to work on it as the concerned officials were busy preparing it.

Nominal passenger fare revision, incentives on freight transport, enhanced funding for security and seasonal passes for vendors at Rs 20 are likely to be the highlights of the Railway Budget.

website: http://www.financialexpress.com

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indiabudget.nic.in is the site where you can catch all this action including the highlights of Union Budget and Economic Survey report 2009.

Economic Survey 2008-2009 – Announced on 2nd July 2009
http://indiabudget.nic.in/es2008-09/esmain.htm

Union Budget 2009-2010 – To be announced on 6th July 2009

Finance Minister’s Speech – To be webcast on 6th July 2009

http://indiabudget.nic.in/ub2009-10/ubmain.htm

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