New Delhi, July 01: The Economic Survey, to be tabled
in Parliament on Thursday, is likely to provide an assessment of
the impact of the global financial meltdown on the Indian
economy and outline the strategy to spur growth and contain
the mounting fiscal deficit.
India`s economic growth slowed to 6.7 per cent in 2008-09
after registering over nine per cent during the preceding
three years.
The global financial crisis, especially after the
collapse of America`s iconic investment banker Lehman Brothers
in mid-September last year, badly hit economies around the
world including India.
The country`s export growth turned negative in October
and industrial output too fell during the course of the
financial year 2008-09.
In order to arrest the impact of the global crisis, the
government announced three stimulus packages, which pushed up
the fiscal deficit to over six per cent of GDP from 2.5 per
cent estimated earlier.
The Economic Survey, which is tabled by the Finance
Minister before the presentation of the Budget, provides
the government`s assessment of the economy, outlines the
problems facing the country and suggests measures for dealing
with them.
Bureau Report
