Highlights of the Economic Survey for 2003-04

Following are the highlights of Economic Survey 2003-2004, tabled in Parliament on Wednesday:

• Steps to be taken to achieve 7-8 per cent GDP growth.
• Expanding industry fast, by at least 10 per cent.
• Boosting agricultural growth through diversification.
• Emphasis on agro-processing to achieve higher agri growth.
• Effecting fiscal consolidation, eliminating revenue deficit.
• Maintaining inflation at around 5 per cent.
• Foreign exchange reserve at $119.3 billion as of May 31, 2004.
• Combined fiscal deficit in 2003-04 at 9.4% of GDP.
• Indications of hardening of interest rates in near future.
• No divestment in profit-making PSUs.
• FII inflows up by 1635 per cent in 2003-04 over 2002-03.
• Expresses concern over low teledensity and Internet usage States get extension to unbundle SEBs.
• Redesign food security framework. 
• Attract greater investment in infrastructure projects.
• Design specific micro strategies for export growth.
• Reformulate policy to tackle poverty.
• Take steps for attaining 10 pc industrial growth.
• Shift focus to corridor management in road construction.
• States to cut down fiscal deficits.
• Overhaul tax exemptions; strict penalty to curb evasion.
• Recommends broad-based agri development programme.
• Fee hike for higher education.
• External debt jumps 6.47% to $112.13 billion till 2003.
• Equity markets return 85% in 2003-04.

Economic Survey 2003-2004: Complete Coverage