Highlights of Economic Survey 2008-09 (Second Lead)
July 2nd, 2009 - 4:43 pm ICT by IANS ( Leave a comment )New Delhi, July 2 (IANS) Salient features of a wish list in the Economic Survey for 2008-09 released by Finance Minister Pranab Mukherjee in parliament Thursday:
- Cut fuel, food and fertiliser subsidy leakages
- Raise foreign investment cap in insurance to 49 percent
- Allow 100 percent foreign investment in health, weather insurance
- Raise foreign investment cap in defence production to 49 percent and in high tech defence to 100 percent
- Raise Rs.25,000 crore from divestment every year
- Sell 5-10 percent in profitable non-Navratnas
- List unlisted state-owned firms, divest at least 10 percent equity
- Auction loss-making state-owned firms
- Rationalise dividend distribution tax to avoid double taxation
- Review customs duty exemptions
- Remove fringe benefit tax
- Remove commodity and security transaction taxes
- Limit subsidy on cooking gas to six-eight cylinders per household
- Kerosene subsidy only for non-electrified, non-cylinder homes
- Introduce new income tax code
- Provide fertiliser subsidy directly to farmers
- Target zero fiscal deficit
- Eliminate inverted duty structure
- Convert specific textile taxes to ad valorem
- Lift price control on all drugs except essentials
- Roll back excess liquidity once growth picks up
- Decontrol sugar and insurance industries
- Auction spectrum and make it freely tradable
Taking stock of the country’s economic condition, the survey said India could grow by around 7.75 percent in 2009-10 if the US economy “bottoms out” by September.
Among other observations it made on the economy are:
- Economic growth decelerates to 6.7 percent in 2008-09
- Per capita growth at 4.6 percent
- Agricultural growth falls to 1.6 percent from 4.9 percent in 2007-08
- Manufacturing sector grows at 2.4 percent
- Ratio of fixed investment to GDP increases to 32.2 percent
- Fiscal deficit stands at 6.2 percent
- Merchandise export grows at 3.6 percent in dollar terms
- Overall import growth at 14.4 percent
- Social, agriculture and infrastructure sectors need boost
- Rural demand still strong.
- Highlights of Economic Survey 2008-09 (Lead) - Jul 02, 2009
- Highlights of Economic Survey 2008-09 - Jul 02, 2009
- Reform taxes, cut subsidies, says Economic Survey - Jul 02, 2009
- Budget promises more money for all - farmers to corporates (Third Lead) - Feb 28, 2011
- Mukherjee has room to budget for lower fiscal deficit - Feb 21, 2010
- Reformist Indian budget has a bit for all - households to corporates (Roundup) - Feb 28, 2011
- Budget promises reforms, growth-focus, inflation-check (Second Lead) - Feb 28, 2011
- Government to stick to fiscal deficit target, borrowing limit - Apr 09, 2011
- Highlights of report presented by PM's economic panel - Jul 23, 2010
- No need for extra stimulus to boost growth: Montek - Dec 02, 2011
- India's Economic Survey calls for sweeping reforms - Jul 02, 2009
- India economy to expand 8.6 percent this fiscal (Roundup) - Feb 07, 2011
- Assuring high growth, India's Economic Survey calls for sweeping reforms (Lead) - Jul 02, 2009
- Fertiliser subsidies not improving production: Official auditor - Aug 05, 2011
- Large number of farmers buying fertilisers above MRP: Official auditor - Aug 05, 2011
Tags: agricultural growth, customs duty, decontrol, defence production, dividend distribution, double taxation, duty exemptions, duty structure, economic condition, economic survey, eight cylinders, excess liquidity, finance minister, fiscal deficit, fringe benefit tax, insurance industries, pranab mukherjee, salient features, security transaction, weather insurance
