Last year we had a bumper Economy Survey, which really raised the hopes of one and all including the stock Market – though the actual budget did not live up to the hype and expectations.
Contrary to that, this year’s economy survey seems quite a muted one. Indian Government just released the complete report on their official Portal:
The fiscal year 2009-10 began as a difficult one. There was a significant slowdown in the growth rate in the second half of 2008-09, following the financial crisis that began in the industrialized nations in 2007 and spread to the real economy across the world. The growth rate of the gross domestic product (GDP) in 2008-09 was 6.7 per cent, with growth in the last two quarters hovering around 6 per cent.
There was apprehension that this trend would persist for some time, as the full impact of the economic slowdown in the developed world worked through the system. It was also a year of reckoning for the policymakers, who had taken a calculated risk in providing substantial fiscal expansion to counter the negative fallout of the global slowdown. Inevitably, India’s fiscal deficit increased from the end of 2007-08, reaching 6.8 per cent (budget estimate, BE) of GDP in 2009-10.
A delayed and severely subnormal monsoon added to the overall uncertainty. The continued recession in the developed world, for the better part of 2009-10, meant a sluggish export recovery and a slowdown in financial flows into the economy. Yet, over the span of the year, the economy posted a remarkable recovery, not only in terms of overall growth figures but, more importantly, in terms of certain fundamentals, which justify optimism for the Indian economy in the medium to long term.
Here are the Links to all Economy Survey Documents that talk about Economy Survey in details:
- State of the Economy and Prospects
- Micro-Foundations of Inclusive Growth
- Fiscal Developments and Public Finance
- Prices and Monetary Management
- Financial Intermediation and Markets
- Balance of Payments
- International Trade
- Agriculture and Food Management
- Energy, Infrastructure and Communications
- Human Development, Poverty and Public Programmes
- Statistical Tables
I am now anxiously waiting for Pranab’s presentation of Union Budget, which should start in next half an hour – What is more important from my personal perspective is how stock Markets react to the budget. I am having a feeling that Stock Markets are going to tank, hope I am wrong !