Survey gung-ho on economy, rising prices worrying! Finmin for more regulatory powers, not futures ban!

India must slash deficit, cap debt by FY15 while India Inc wants continuation of stimulus in next fiscal as Finance Ministry urges fiscal discipline ahead of budget!Finance Commission for calibrated exit strategy from stimulus!

Survey gung-ho on economy, rising prices worrying! Finmin for more regulatory powers, not futures ban!


Troubled Galaxy Destroyed Dreams, chapter 451

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Food inflation at 17.58% y-o-y on Feb 13

25 Feb 2010, 1205 hrs IST, REUTERS

NEW DELHI: Food inflation rose 17.58 percent in the 12 months to February 13, while the fuel price index was up 9.89%, the government said on Thursday. The rise in the food price index was lower than an annual rise of 17.97 percent in the previous week. India's primary articles price index was up 15.84 percent year-on-year as on Feb. 13. India's annual wholesale price inflation (WPI) picked up to 8.56 percent in January, compared with 7.31 percent last December. Climbing food and fuel costs along with a pickup in manufacturing prices are expected to push the headline inflation to 10 percent by March, according to some analysts and India's chief statistician Pronab Sen.

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• Investment spending is the biggest concern: Gunjan Gulati, JP Morgan
• Infrastructure output up 9.4 pc y/y
• Industrial growth numbers in line with expectations: A Subba Rao, GMR Infrastructure
• Happy with growth numbers in Economic Survey: Deven Choksey

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http://economictimes.indiatimes.com/default1.cms

Fiscal ending with clear signs of economic rebound: Pranab

25 Feb 2010, 1328 hrs IST, PTI
NEW DELHI: Finance Minister Pranab Mukherjee today said that financial year 2009-10 was ending with clear signs of economic rebound and the growth would rise to about 8.5 per cent in the next fiscal.

"It (fiscal 2009-10) began amidst the gloom of an economic downturn, but the year is ending with clear indicators of vibrant economic rebound," he told reporters after tabling the Economic Survey and report of the 13th Finance Commission in Parliament.

"Capturing this mood (of economic rebound), the Survey forecasts a GDP growth of 8.5 per cent +/- 0.25 per cent during 2010-11", the Minister said.

Following the impact of the global financial crisis, the economic growth rate slipped to 6.7 per cent during 2008-09 from over 9 per cent during the preceding three years.

Referring to the report of the Finance Commission, Mukherjee said, "We have accepted all the major recommendations of the Commission."

The Commission in its report on devolution of taxes, recommended that share of states in union taxes be raised to 32 per cent from 30.5 per cent now.

"The states will get 1.5 per cent (of the net proceeds of union taxes) more," Mukherjee said.
Finmin for more regulatory powers, not futures ban
MUMBAI: India should not impose an outright ban on futures trade and should provide a firm regulatory structure to promote transparency, the Economic Survey said on Thursday.

"Government should, ideally, desist from imposing an outright ban on futures trade," the finance ministry said in its annual survey of economy for fiscal year to March 2010.

The seven year old Indian commodity futures market has witnessed the ban and suspension of futures trade in many agricultural commodities since 2007, for its alleged role for stoking spot prices.

However, the Abhijit Sen committee constituted by the government did not find any link between futures trading and surging spot prices.

The report said, "an enabling government takes the view that if we cannot establish a connection between the existence of futures trading and inflation in spot prices, we should allow futures trade."

The report said the commodity futures market should be provided "with a regulatory structure to promote transparency and to discourage collusion."

This could be an indication that the regulator, Forward Markets Commission, would be strengthened, market participants said.

The Forward Contracts (Regulation) Amendment Bill 2006, which is pending approval in the lower house of Parliament, gives more teeth to the regulator.

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Highlights of the Economic Survey

Thursday February 25, 2010 03:19 am PST

New Delhi: Following are the highlights of the annual Economic Survey for the current fiscal tabled by the Finance Minister Pranab Mukherjee in the Lok Sabha on Thursday:

 

- Total water in reservoirs 90.48 billion cubic metres, which is lower than the 10-year average

 

- Improve food production, productivity and stock management

 

- Adequate stock of foodgrain to meet requirements under welfare schemes during current fiscal

 

- Outlook for India's trade sector in 2010 has brightened

 

- Bank credit to the commercial sector, shows revival since November 2009

 

- Proposal to double the target of rural houses to 12 million through the Indira Awaas Yojana in the next five years

 

- Stimulus package major cause for lower indirect receipts

 

- Employment increases by 500,000 in July-September quarter compared to first quarter of current fiscal

 

- Core industries, infrastructure services show recovery signs in the middle of overall industrial growth

 

- Gross domestic product expected to grow 8.25-8.75 percent in 2009-10

 

- Economic growth during next fiscal may cross 9 percent

 

- Government should free grain stocks if food prices rise

 

- Delay in market release of imported sugar led to high prices

 

- Calibrate exit strategy from fiscal stimulus

 

- Centre, states need to begin fiscal consolidation, cap debt levels

 

- Poverty levels too high for growing nation like India

 

- Food subsidy should be given to households, instead of routing through public distribution system

 

- Poor families should be given food coupons to buy at discount from any shop

 

- Reduce excise duty to boost exports

 

- Liberalise foreign investment norms in education, healthcare sectors

 

- Sustaining current levels of domestic petroleum prices not viable

 

- Expenditure restraint can help contain deficit at budgeted levels

 

- High inflation due to supply-side bottlenecks

 

- Growth in telecom to continue with monthly additions exceeding 17.6 million connections

 

- Share of central government expenditure on social services up by 19.46 percent in current fiscal

 

- Foreign exchange reserves rise to $31.5 billion in current fiscal to $283.5 billion till end December 2009

 

- Balance of payment situation improves due to surge in capital flows and rise in foreign exchange reserves, accompanied by rupee appreciation

 

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Special: Budget 2010

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India must slash deficit, cap debt by FY15....!

India can become fastest growing economy in four years: Survey

Survey gung-ho on economy, rising prices worrying!

Economic Survey stresses importance of primary schooling,higher education!The government has spent Rs425 crore for setting up of new polytechnics during 2009, covering 175 districts!

"It is entirely possible for India to move into the rarefied domain of double-digit growth and even don the mantle of the fastest-growing economy in the world within the next four years," said the survey, a day ahead of the federal budget.

"The Indian GDP can be expected to grow around 8.5 percent (plus or minus 0.25 percent), with a full recovery, breaching the 9 percent mark in 2011-12," said the survey tabled by Finance Minister Pranab Mukherjee in the Lok Sabha, the lower house of parliament

Finance Ministry urges fiscal discipline ahead of budget!It is all set to SUSTAIN the Stimulus!The pre-Budget Economic Survey today favoured providing further stimulus for the exports sector, arguing that the recovery prospects in global markets are still fragile. It said that despite some improvement in global trade environment, the downside risks makes it imperative for the government to reform policies concerning imports as well.

India Inc wants continuation of stimulus in next fiscal! The STIMULUS amousnts around Rs.Four Lac Fifteen Crore while the Goevrnment of Brahamin Zionist India Incs suggests Fiscal Discipline implementing Disinvestment and Divetsment in accordance with Rothschild master paln of Economic Ethnic Cleansing. Budget Defecit remains intact despite changing the Base Year and Stastical Jugglery and IPL Mind Control as well as Parliamentary WWF most entertaining. Foreign Capital Inflow is the Back Bone of the Peripherry Economy and FIIs ably assisted by LPG Mafia in every Free market Democratic Institution, control the Economy!

The government must cut its fiscal deficit to 3 per cent of the GDP by 2013/14 and eliminate its revenue deficit in the year after, a top government panel said.India must also cap its total debt at 68 per cent of the GDP by the 2014/15 financial year, the report of the 13th Finance Commission, tabled in parliament on Thursday, said.

Meanwhile, India's gross domestic product (GDP) can expand by double-digit levels to emerge as the fastest growing economy in the world by 2014, even as spiralling prices remains the immediate concern, says the Economic Survey for this fiscal.

On the other hand,Finance Commission for calibrated exit strategy from stimulus!

The 13th Finance Commission has asked the government to adopt a "calibrated" strategy for withdrawing stimulus measures provided to spur the economy in the wake of the global economic crisis.

Although the Economic Survey has favoured providing further stimulus to the exports sector, the economic document also factors in the recommendations of the Finance Commission and said that the suggestions have to be taken on board in shaping the fiscal policy for 2010-11 and medium term.

The Commission recommended "a calibrated exit strategy from the expansionary fiscal stance of 2008-09 and 2009-10."

Both the Survey and the Finance Commission's report were tabled in Parliament today.

The Commission also recommended increase in states share to 32 per cent of Central tax proceeds from the current level of 30.5 per cent.

"The share of states in net proceeds of shareable Central taxes shall be 32 per cent every year for the period of the award (2010-11 to 2014-15," said the Commission, headed by former finance secretary Vijay Kelkar.

The Commission also proposed that a new Fiscal Responsibility and Budgetary Management (FRBM) Act should have a space for relaxing targets of deficits on account of economic shocks.

"The FRBM Act needs to specify the nature of shocks that would require relaxation of the targets there under," the commission recommends.

The overall approach of the recommendations is to foster "inclusive and green growth promoting fiscal federalism," said the Survey.

The government should start rolling back its economic stimulus and impose a cap on government debt in coming years, a finance ministry report said on Thursday, making the case for fiscal discipline a day before the annual budget.

While results often fall short of official targets in India, the finance ministry gave an optimistic economic growth forecast and called for reforms to more than halve the fiscal deficit to 3 per cent of GDP by the financial year ending in March 2014.

Enthused by reforms and the strong fundamentals, the Economic Survey today predicted that India would bounce back to a high nine per cent growth in 2011-12 on the way to becoming world's fastest growing economy in four years.

The document, which assesses the state of the economy, warned that high food prices would rise further over next few months and criticised the food management policies that have led to "unacceptably" high prices of items like sugar.

Food inflation is at present hovering close to 18 per cent! The pre-budget Survey (2009-10), presented by Finance Minister Pranab Mukherjee in Parliament, also recommended a "gradual rollback" of stimulus measures after assessing the impact on each sector.

Projecting the economic growth to touch up to 8.75 per cent in 2010-11 and nine per cent in the next year, the Survey said: "It is entirely possible for India to move into the rarefied domain of double digit growth and even attempt to don the mantle" of the fastest growing economy in the world within the next four years.

It, however, expressed concern over rising prices, saying that a major concern during 2009-10 was the emergence of high double digit food inflation.

Questioning the Economic Survey's recommendation for rollback of stimulus measures, India Inc today asked the government to continue with these incentives in the Union Budget to ensure high growth.

 "For a higher growth, the government will have to adopt a calibrated approach and continue with stimulus package for at least another fiscal," Assocham President Swati Piramal said.

A day before the presentation of the Union Budget 2010-11, the Survey suggested gradual rollback of stimulus steps, including tax concessions to arrest slowdown of Indian economy in the face of global financial meltdown, echoing the recommendations made by the Prime Ministers' Economic Advisory Committee.

The rollback, it said, would help cut down the fiscal deficit that is estimated at 6.8 per cent of GDP in 2009-10 that was fed by a fall in indirect tax collections and delay in 3G auction.

FICCI President Harsh Pati Singhania said: "The government should continue with stimulus measures as the growth in the industrial and export sector is mainly because of the support".

"It's ambitious, but it's possible. I think it's all about structural reforms, things which economists find very easy to propose but politicians find very difficult to accept," said Brian Jackson, senior emerging markets analyst with the Royal Bank of Canada in Hong Kong.

A show of fiscal discipline in Finance Minister Pranab Mukherjee's budget will be heartening to investors and the Reserve Bank of India, which manages the government's borrowing and has called on New Delhi to rein in its deficit.

"The government has recognised arguments that support fiscal consolidation. Obviously they have got political considerations. Tomorrow we're going to see how they balance the two," Jackson added.

Bond yields , however, were unmoved by the report and stocks were off by 0.32 per cent.

The finance ministry's report called for efforts to remove hurdles to infrastructure funding. Inadequate electricity, roads and urban infrastructure have long hindered India's economic growth.

The ministry's economic survey for the 2009/10 financial year urged a calibrated exit from fiscal stimulus, which cushioned India's economy from the worst of the global downturn but pushed the fiscal deficit to a 16-year high of 6.8 per cent of GDP.

Strong growth along with supply-side inflationary pressures are pushing up inflation, and high food prices could spill over into general inflation, the report said.

India's food prices rose 17.58 per cent in the 12 months to Feb. 13, a touch slower than previous week's 17.97 per cent rise, data released on Thursday showed. The fuel price index was up 9.89 per cent.

Growth ahead

The report, presented ahead of Friday's general budget, forecast economic growth at 8.25-8.75 per cent in 2010/11, accelerating to over 9 per cent the year after, compared with projected growth of 7.2-7.5 per cent in the current year that ends on March 31.

"It's good to see recommendations on consolidating government finances. Medium-term targets for both growth and debt levels can be attained provided strong policy push and fiscal prudence is maintained," said Vivek Kumar, economist at ICICI Bank in Mumbai.

Double-digit growth is possible within the next four years, the report said.

The report also said a top government panel had recommended capping total federal and state debt at 68 per cent of GDP by 2014/15. Now, combined central and state debt runs at 80 per cent of GDP.

With the economy picking up steam, the finance minister is widely expected to start phasing out fiscal stimulus in his budget for the new financial year and reduce the fiscal deficit to 5.6 per cent of GDP, a recent Reuters poll showed.

The government is financing its fiscal gap for the current fiscal year with a record 4.51 trillion rupees ($97 billion) of market borrowing and analysts fear high government borrowing in the next fiscal year runs the risk of crowding out private credit demand and hurting the economic recovery.

"The downside risks for world and the Indian trade lie in the fact that though the fall has been arrested, both output and trade recoveries are still fragile given the fact that the recovery has been pumped up by the stimulus given by different countries, including India," the Survey said.

Amid the debate on withdrawal of the stimulus, including speculation of a possible across-the-board roll back of cuts in excise duty and service tax, the document suggested further reduction in excise for export oriented industries.

For the merchandise sector, some fundamental policy changes are needed "...These include further tariff reforms by lowering the peak duties (custom) from the present 10 per cent to 7.5 per cent, reductions of tariffs on all capital goods to a uniform 3 per cent and further reduction in excise duties to make exports and industry competitive."

The government had cut excise duty from 14 per cent to eight per cent and service tax from 12 per cent to 10 per cent in the wake of the global financial slowdown.

India's exports, after falling for 13 consecutive months since October 2008, turned positive from November 2009. But in April-December period, exports were down by 20.3 per cent.

However, the Survey pointed out that the early signs of pick-up are due to low base and the export value is even lower than the absolute value of the pre-crisis period.

It also expressed concerns over the leading economies like the US resorting to protectionist measures.

"The high employment rates in some developed countries forcing even world leaders like the US to resort to protectionist measures, as in the case of the recent tax breaks for companies giving jobs in the US, could give wrong signal," it said.

The Survey further said that the extraordinary financial stimulus given by different countries, including India, have contributed to the recovery.

Imports growth of some of India's trading partner like China, Hong Kong and Japan were encouraging in December 2009.

While China's imports from India grew by 71 per cent in December 2009, Japan imports went up by 3 per cent. Growth in Hong Kong imports from India turned highly positive at 58.5 per cent.

Economic Survey full coverage | Economic Survey Highlights | Budget 2010 full coverage

"Even in case of the US, which is still registering negative import growth, the extent of negative growth has become less, with imports from India growing at (-) 10 per cent in November 2009," it said.

"In the medium term, it is reasonable to expect that the economy will go back to the robust growth path of around 9 percent that it was before the global crisis slowed it down in 2008."

The survey said there were several reasons to suggest that the India's economic fundamentals remained strong, including high savings and investment rate, the arrival of home-grown companies in the global space and the dream run for the services sector.

At the same time, agriculture continues to be the cause for concern even as it remains the mainstay of the Indian economy, with the bulk of its workforce dependent on farming, either directly or indirectly.

"There is need to undertake serious policy initiatives to reach the government's target of sustained 4 percent growth in this sector."

The survey also expressed concern over rising prices, especially in essential items that has pushed the country's annual food inflation, based on wholesale prices, to nearly 18 percent in recent weeks.

"As of now the outlook for inflation is conditioned by supply-side pressures in the near term," said the survey while also making a veiled criticism in the manner in which the government has sought to tackle rising prices.

"Making available adequate and timely quantities of these items and at different locations to overcome supply side mismatches is the real challenge," the survey noted, adding in some essential items there were ample stocks.

The annual report card also said the current rebound in growth called for the gradual withdrawal of the $37-billion stimuli since December 2008 to help the country weather the ills of global slowdown.

"The largely structural nature of fiscal deficits in India, the levels of recovery in the economy and the sustainability of the recovery without fiscal stimulus call for resumption of process of fiscal consolidation in a gradual manner."

At the same time the export sector needed a further push, even as it said that the outlook for India's merchandise trade has brightened in 2010 with the prospects of a recovery in world output and trade volumes.

"While in the short-term, stimulus measures have worked, some fundamental policy changes are needed. For the merchandise sector these include furthering tariff reforms by lowering the peak duties from the present 10 percent to 7.5 percent."

Foreign investors bullish on agri, electrical equipment sectors

The agriculture services sector attracted foreign direct investment of Rs 6,327 crore during the first eight months of the current fiscal against Rs 16 crore in the year ago period, the Economic Survey said on Thursday.

FDI in the sea transport sector was up by 918 per cent to Rs 12,983 crore, while in the electrical equipment segment inflows increased by 202 per cent to Rs 2,724 crore during April-November 2009-10.

"The sectoral shares of FDI inflows have fluctuated significantly. Sectors like agricultural services, sea transport and electrical equipment have shown a quantum jump in FDI inflows during 2009-10," the Survey tabled in Parliament said.

The Survey said that divergent patterns in growth rates were due to change in exchange rate during the period.

Foreign inflows in housing and realty sectors have risen to Rs 10,565 crore in April-November 2009-10 from Rs 8,353 crore in the same period last year.

In March 2005, the government had liberalised the foreign investment norms with a view to catalysing investment in the realty sector. It allows 100 per cent FDI through automatic route in construction development projects, including housing, commercial premises, recreational facilities and townships.

Other sectors which receives significant FDI includes telecommunication, power, hotel and tourism.

Total FDI during the period was Rs 93,354 crore, signifying a growth of 9 per cent from Rs 85,700 crore in the year ago period.

Quality primary schooling for all should be the target for effective learning, while focus on higher and technical education is the need of the hour for employment generation, the Economic Survey said on 25 February.

"Universalisation of elementary education of adequate quality to ensure satisfactory learning standards among children is an objective that needs to be pursued vigourously," the Survey tabled in Parliament said.

The Survey said under the Sarva Shiksha Abhiyan (SSA), 2,88,155 new schools have been opened till September 2009. In addition, the initiative has also seen supply of free text books to 9.05 crore children.

All the media coverage. On one easy-to-use website. Browse Livemint.com's Budget 2010 microsite. (Click here)

A total of 10.11 lakh teachers have been appointed under the SSA and another 21.79 lakh have been provided in-service training, it added. "There has been significant reduction in the number of out-of-school children on account of SSA interventions."

The pre-budget Survey stressed the importance of higher and technical education segments also.

"Quality higher and technical education increases the employability of the youth and can help reap the benefits of India's looming demographic dividend," it added.

The government has spent Rs425 crore for setting up of new polytechnics during 2009, covering 175 districts.

"Two new Indian Institute of Technology (IITs) at Indore and Mandi started functioning from the academic session 2009-10," the Survey said.During the 11th Five Year Plan, one new Indian Institute

of Management (IIM) was established in Shillong in 2008-09. "...the remaining will be set up in Tamil Nadu, Jharkhand, Chhatisgarh, Haryana, Uttarakhand and Rajasthan."

Besides, the Central Universities Act was promulgated in January last year for conversion of three state universities into central universities.

It also brought new central universities in 12 states.

On examination reform, the Survey said, "Government policies have been focusing on providing quality education and upgrading skills as well as creating a more child-friendly educational environment."

It mentioned that the Central Board of Secondary Education (CBSE) took some important decisions, like doing away with board exams for Class X from 2011, after consultations with various stakeholders such as school principals, teachers, parents, students, academics and the people.

The survey further said the Rashtriya Madhyamik Shiksha Abhiyan (RMSA), launched in March last year, has objectives of achieving an enrolment ratio of 75% for Classes IX-X within five years and universal access to secondary level education by 2017, among others.

Besides, the government has sanctioned 167 model schools across six states.

Also 163 girls' hostels have been set up in seven states under a centrally sponsored scheme.

India seen as potential buyer for IMF gold

25 Feb 2010, 0400 hrs IST, REUTERS

NEW DELHI/MUMBAI: Reserve Bank of India, which has increased its gold holdings to diversify its reserves, looks set to be a buyer again when the

How to invest in gold Few tips to buy gold Gold & silver jewellery Different ways to invest in gold Is gold fund for you?

International Monetary Fund begins selling 191.3 tonnes of the precious metal amid volatility in major currencies.

The uncertain outlook for two of the world's major reserve currencies -- the dollar and euro -- provides a spur for central banks, including India's, to buy gold. India's gold holdings lag those of major economies despite a big purchase in October.

"India is no stranger to gold. They are gearing up for growth and want to recalibrate their reserves," said Mark Pervan, senior commodities analyst at ANZ. "They can't lift their gold holdings from domestic output, unlike China. And they have shown an appetite to buy in the past."

Reserve Bank of India officials declined to comment on their gold plans but some said the bank considered gold to be a safe investment strategy. "We are closely looking at the gold market. We buy at market prices," an RBI official said.

The RBI adjusts its reserve portfolio on a regular basis, officials at the bank said. None of the officials would speak on the record, given the sensitivity of the matter. "The RBI doesn't want to take a credit risk as there are concerns on the dollar and the euro now," said a senior RBI official who is not directly involved in the bank's gold purchases. "So, despite the interest being very low, gold is a safe bet," the official said, referring to the low returns the bank receives through custodians for lending out some its gold.

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Another RBI official noted that since India's foreign exchange reserves have not risen as the bank has not been intervening heavily in the forex market, the proportion of gold has held steady after its last purchase of the precious metal in October. For a graphic of India's yearly imports.

The IMF said last Wednesday that it would soon begin selling the gold in the open market in a phased manner to avoid disrupting the market. The sale is part of an IMF programme announced last year to sell a total of 403.3 tonnes of gold, or about one-eighth of its total stock. China, with about $1.6 trillion in reserves, is a producer of gold and is unlikely to buy the gold being offered by the IMF, the official China Daily reported on Wednesday.

"It is not feasible for China to buy the IMF bullion, as any purchase or even intent to do so would trigger market speculation and volatility," said an unidentified official from the China Gold Association.

The RBI was the biggest buyer in the IMF gold sale last year, snapping up 200 tonnes over two weeks and boosting its holdings to 10th largest among central banks. "In the second tranche also it is possible they may bid for it. This is an opportunity for diversification of reserves," said A Prasanna, economist at ICICI Securities Primary Dealership.

• Economy and Politics
• 

Mamata's train to nowhere

Passenger and freight rates are unchanged, restricting options t

o raise money for Banerjee's Vision 2020

Rahul Chandran and Sanjiv Shankaran

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New Delhi: Railway minister Mamata Banerjee presented her budget for the next fiscal year, laying down grand ambitions without explaining how they would be paid for, tacitly admitting that she was up against an insurmountable fiscal barrier.

The minister restricted her revenue generation options by keeping passenger and freight rates unchanged. The subsidy on passenger fares is estimated at Rs19,121 crore in the current year. She also had to dip into accumulated savings, a practice that Banerjee had previously condemned when her predecessor Lalu Prasad did the same.

Also See Numbers Game ( Graphics)

While the minister's Vision 2020 document, issued in December, envisages an investment expenditure of Rs14 trillion, or Rs1.4 trillion every year for the next decade, revenue in 2010-11 is estimated at Rs97,722 crore. With Rs88,000 crore absorbed by operational expenses, this leaves less than Rs10,000 crore for investments, well short of the desired amount.

The failure to implement Vision 2020 will hobble the expansion plans of the Indian Railways, which at the least would act as a drag on the country's ability to sustain 9%-plus growth. The development strategy of the Congress-led United Progressive Alliance (UPA) government depends critically on growth to generate the necessary resources to fund social investments.

At the end of a speech that was was constantly interrupted and lasted a little over two hours—of which long periods were taken in reading out the names of new trains or stations—core issues of funding remained unaddressed, with the minister preferring instead to hold out hope that the private sector would step in to bridge the gap.

All the media coverage. On one easy-to-use website. Browse Livemint.com's Budget 2010 microsite. (Click here)

Passenger and freight fares remained untouched even as the financial condition of the national transporter continued to be weak, with the the railways generating a surplus of only Rs951 crore in 2009-10, against its expectations of Rs2,642 crore. A railways official who did not want to be named said the railways had underestimated the impact of the Sixth Pay Commission's recommendations by as much as Rs14,000 crore.

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For poll-bound Bengal, Mamata gives a little of every new thing

A statement of cultural commitments

Meanwhile, the operating ratio or the amount of money the railways spends to earn every Rs100 in revenue rose from the budgeted Rs92.5 last year to Rs94.70.

While freight revenue in 2009-10 increased 9.88% over the year ago period, that from passenger fares rose 9.69%. The Plan outlay has been increased 2.83% to Rs41,426 crore, of which Central support amounts to more than one-third, while borrowings account for 25%.

Passengers travel in an overcrowded train in Patna on Tuesday. Krishna Murari Kishan / Reuters

Interestingly, much of the minister's pronouncements in the budget are contingent on the actions of others, especially the private sector. A survey of 114 "socially desirable" but financially unviable projects announced in the rail budget depend on final approval by the Planning Commission, which in recent times, has been critical of the ministry's penchant for announcing unprofitable lines.

Banerjee also proposed the setting up of five rail wagon factories, a rail axle factory and a refrigerated container factory, among others, to be part funded by the private sector. The ministry also said—without giving any details—that it was open to the private sector setting up new railway lines.

A railway official, who did not want to be named, said the 25,000km of new lines announced by the minister in her vision would come at an average cost of Rs7 crore per kilometre, or a total of Rs1.75 trillion.

The railways so far has not been successful in attracting private investment, something Banerjee blamed on red tape. To address this, she set up a task force to clear investment proposals within 100 days.

"We want to speed up projects," she told reporters after her budget speech.

To be sure, Banerjee did follow through on some of her promises in Vision 2020, budgeting for steep increases in railway lines, electrification and gauge conversion.

Experts were sceptical about the budget's scope.

"Some of the announcements appear to be tall orders, given the IR's bureaucracy and administrative sloth," Jay Shankar, chief economist, Religare Capital Markets Ltd, said in an email. "These include the roll-out of 1,000km of new tracks in FY11, formulation of a special task force to clear business proposals in 100 days, and plans to ensure that every rail crossing is manned in the next five years."

She continued with her focus on projects located in West Bengal, her home state, which will head for assembly elections next year. She also announced special trains, the setting up of cultural and heritage centres and concessional fares for the transport of kerosene and foodgrains.

Banerjee also announced her intention of setting up a National High Speed Rail Authority as well as proposals for a dedicated passenger corridor to be called the Golden Rail Corridor. She added 101 new suburban services, 54 new trains and extended 21 others.

She also announced the setting up of 522 hospitals and diagnostic centres and 50 Kendriya Vidyalayas (central schools) in partnership with the ministries of health and human resources development.

Banerjee also promised a modified scheme for investment in wagons and 10 automobile and ancillary hubs.

Graphics by Yogesh Kumar/Mint

rahul.c@livemint.com

Desperate measures show the rot in railway finances

12:38AM | February 25,2010

Banerjee proposes to finance the annual plan outlay of Rs41,426 crore through gross budgetary support

Inflation still a dominant concern for RBI: Subbarao

11:6PM | February 24,2010

Wholesale price inflation crossed RBI's projection of 8.5% by March-end

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Investment spending is the biggest concern: Gunjan Gulati, JP Morgan

25 Feb 2010, 1346 hrs IST, ET Now
unjan Gulati, economist, JP Morgan, in a chat with ET Now talks about the Economic survey.
We have seen the Economic Survey numbers come out. Is there any part of this puzzle that according to you does not fit right now or would you also just like to take a very sanguine stance?

No, yes, I mean we had had the CSO estimates earlier last month and despite the drought, which we had and the impact on the agriculture production, which we saw this year, we are going to top about 7% growth this year.

But we are well past this year now and we have to start thinking about next year. I mean estimates between 8-8.5% are rolling on the street but the bigger number, which you said is a concern right now, is the investment spending and linked to that is the credit growth and we have not seen that picking up.

We have seen in the past investment being the key driver and the key trigger of the growth. Just to put some numbers, India averaged about 9% growth in the last 4-5 odd years. Around that time, investment grew at 15-16%.

But so far, the average in the last 2-3 years, 3 quarters, investment has seen about 5-6% growth. So we are not seeing that the key driver of the growth pick up as yet and the bigger concern right now investment not picking up is because there is some bit of concern on the global side, which still remains amongst the corporate, which is kind of holding them back to take on major capital expansion plans and that's what is keeping even the credit numbers subdued so far.

So for me to probably suggest something with a very high strong growth, I would like to see investment picking up more strongly than what we see today.

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GALLERY

Bomb Blast in Pune

9/11 from the skies

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WORLD

US wants resumption of Indo-Pak talks: Clinton

As the foreign secretaries of India and Pakistan are scheduled to meet in New Delhi on Thursday, US Secretary of State Hillary Clinton has said the Obama Administration is in favour of resumption of direct talks between the two neighbours.

Feb 25 2010 / Read More >>

• Man held for killing 100-year-old mother
• UK prime minister apologizes to child migrants
• 'Castro seems recovered'
• Whale kills trainer as horrified spectators watch
• Nigeria's absentee president returns home
• Gunmen kill 13 people in southern Mexican town
• Report: Myanmar troops commit atrocities

	Opinion Poll Like Pune, should all cities impose fine for spitting in public places? Yes  No  Can`t Say

EDITOR`S PICK

Let's impose a terror tax on Pakistani cricketers

How many people should the Pakistanis kill before we realise that Pakistanis may not be ideal neighbours? Let Pakistani cricketers play in IPL but only after they sign a declaration opposing Pakistani terrorism in Kashmir and cough up terror-tax on their earnings.

Feb 24 2010 / Read More >>

Hit back, or bleed

Unless India creates a capability for retaliatory covert actions in a deniable manner and use that capability we will continue to bleed, says B Raman

Feb 24 2010 / Read More >>

• Cyberwar and the 'destruction of rules'
• Applaud, don't shoot the army chief
• Arjun's time has come
• Why Pak-China will win

More >>

VIDEOS

No 'credible' threat to sports: Pillai

Home Secretary GK Pillai recently affirmed that there are no credible threats to the upcoming sporting events in the country.

Feb 24 2010 / Watch >>

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How safe are our high rises?

As skyscrapers begin to dominate our city skylines, are our offices, hotels and homes equipped to fight fires or other emergencies?
Tell us >>

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A pedestrian economic survey 25 Feb 2010, 1804 hrs IST, MYTHILI BHUSNURMATH,ET Bureau Comment: Survey says about GDP, inflation, fiscal deterioration, savings & investment & so on which is already known. Top gainers, losers & recommendations Jobless claims rise unexpectedly to 496,000 Sensex ends flat on F&O expiry, budget eyed Indian stocks second-best performers globally in 6-year period
ET Spotlight 1841 hrs IST In pics: Porsche Cayenne S Hybrid 0600 hrs IST Wipro Info edges out Satyam to bag Rs 100-cr PSB deal 0800 hrs IST Vaghul-led panel to probe fraud at Wipro 1135 hrs IST An absolutely phenomenal record: Imran Khan 1910 hrs IST BMW launches two new variants in Chennai 0950 hrs IST Ten things to do before March 31 1800 hrs IST Jet Airways to offer discounts to women in March 0245 hrs IST Service providers look to play the cloud game 1628 hrs IST Fast-growing economies can begin stimulus withdrawal: IMF 1432 hrs IST Finmin urges fiscal discipline ahead of budget 1412 hrs IST Success of pension reforms to facilitate development 1543 hrs IST Zain deal will give fair return to shareholders: Sunil Mittal 1332 hrs IST Fertiliser firms looking for JVs abroad to overcome shortage 1328 hrs IST Fiscal ending with signs of economic rebound: Pranab 1414 hrs IST Net bank credit to infra firms up three-fold in Apr-Nov, 2009 1247 hrs IST Indian pharma industry third largest globally 1430 hrs IST Infra bottlenecks main roadblock in industry growth 1435 hrs IST Finmin for more regulatory powers, not futures ban 1225 hrs IST Two-third of India's forex kitty due to rupee rally 1331 hrs IST Foreign investors bullish on agri, electrical equipment sectors
How changes in ESOP taxation will impact you 25 Feb 2010, 1736 hrs IST, DEEPIKA MATHUR, Are you covered under your company's stock option plan? Here we take a look at the provisions affecting stock options. Direct Tax Code: How are you affected? Get the most out of your annual bonus and hikes
Indian growth miracle faces threat 25 Feb 2010, 1812 hrs IST, ARVIND PANAGARIYA, Country's leadership views India's destiny to great world power as inevitable. As a result, complacency has returned at top policy levels. Top 10 challenges for India Infrastructure sector grows by 9.4 pc in January
All headlines >>Sharebaazi: ET's stock market game with weekly prizes
Car Recalls Nissan, Suzuki, Daihatsu to recall cars in Japan Suzuki will recall 432,366 units of two minicar models in Japan, while Daihatsu will recall 60,774 units of four minicar models. Toyota chief formally apologizes | Hyundai recalls 47K Sonatas Maruti recalls 1L A-Stars | Maruti recalled 75k Omnis in '01 More >>
News by Industry BMW launches two new variants Banks lost over Rs 5,500 cr to fraud Tata Power Q3 net nosedives 72% Government issues 3G auction notices Sectors: InfoTech| Telecom | Auto | Transport | Energy| Jobs | More >>		Personal Finance Query Corner: Banking & Finance 5 truths to guide insurance purchase Query Corner: MF Investments Low-cost way to scale investment Wall Assess risk before investing in Esops More >>
Markets News Rupee weakens for 3rd day on shares NBOT to go for demutualisation Gold buying abates Market valuations are at medium levels Sensex may touch 20k by Q32010		Economy Montek rules out double-digit inflation Oil prices lose ground Infra sector grows by 9.4 pc in Jan FM to heed co-op bankers' tax plea Infrastructure output up 9.4 pc y/y
More >>		More >>
Infotech MindTree plans to raise $100-mn debt IT rings in savings for rlys, industry Govt mulls $10bn spend on e-gov prog Cisco to unveil network boost 'Simple BPO no longer profitable'		International Business Malaysia's AirAsia '09 profit at record Coca-Cola buys bottling operations RBS loses $5.5 billion in 2009 'Coca-Cola to buy its largest bottler' Nissan, Suzuki, Daihatsu to recall cars
More >>		More >>
Market Analysis Stocks Mutual Funds Bullion Real Estate Blogs Retail investors turn Street-smart, skip IPOs NFOs face IPO fate as schemes underperform Investors can look forward to making a killing Equity holds firm while oil, gold show strength Emerging markets will win hands down in long term More >> Aditya Birla Nuvo: Consolidation drive to come in handy HUL: Parent's pressure may force arm to show results FMC to decide on NCDEX anchor investor in 2 weeks Inox's Fame stake buy violates takeover norms: Reliance Media Realty stocks take a beating despite revival of the sector More >> Query Corner: MF Investments Build an equity-debt portfolio of 70:30 ratio MFs hardsell MIPs as market turns volatile The low-cost way to scale the investment Wall Small liquid funds promise big returns More >> Gold falls below Rs 17k-mark on weak global cues Gold buying stays weak for 2nd day, rupee helps Gold up as investors seek refuge in the bullion WGC anticipates orderly execution of IMF gold sales IMF gold plan poses tricky twist for market More >> Nariman Point is fifth most expensive office location Tokyo tops Hong Kong as priciest office market We urge FM to look at real estate as catalytic industry: Sobha Developers Check out the real woes of investing in realty Investment in realty can turn out to be a liability in your old age More >> Will India ever have a world class railway system? - Talk to FM Making India a Global Business Power - Talk to FM How can the government cage the inflation monster? - Talk to FM How can the Budget give every Indian Bijli, Sadak & Paani? - Talk to FM Salaried Individuals: What are their expectations from the Budget - Talk to FM
Most Popular Features Teaser home loans a gimmick; Gujarat cleanest state govt: Parekh Deepak Parekh spoke to ET on a range of issues: the builder lobby, imperfections in property market and even on Narendra Modi. IIM-L student bags Rs 75 lakh offer from trading company Last year, the highest international offer was from Barclays, which picked up a post-graduate programme student for Rs 1 crore. How long can the US dollar defy gravity? The dollar has been falling steadily since 2002, and as the world economy recovered last year, dollar selling resumed. Water is bigger issue than inflation for India: Jim Rogers Jim Rogers says that water problem is a bigger issue than inflation for India and it should also invest in infrastructure. More >>
Politics / Nation Curb terrorist activity, India to Pak India told Pakistan to take effective action against anti-India terrorist groups. India asks Pakistan to arrest Saeed India has succeeded in making terror the focus of the deliberations. Keeping fares low can hit Rlys in the long term Pros and cons of a populist budget.		Opinion TK Arun: Populist train to pvtisation Mamata is heralding a fundamental change in functioning of Railways. M Bhusnurmath: Growth-equity link Research suggests rising income inequalities may not be inequitable. Ill-starred decision Recalling cars on this scale is bound to damage its reputation.
More >>		More >>
Investor's Guide Brand Equity Corporate Dossier ET Realty ET Travel Investment in realty can turn out to be a liability in your old age Life is uncertain, so spread your bets but a higher reliance on real estate as financial planning tool can turn out to be a liability in your sunset days. Save your money: Check out schemes which offer maximum tax benefits 'REC growing at an astronomical pace' IIP growth momentary spike or recovery is sustainable? More >> IPL franchisees figure out a path to profitability Within three years the Indian Premier League (IPL) has morphed into a $4 bn cricket extravaganza. And amidst the hype and high valuations, the franchisees are figuring out a path to profitability too Growing legion of IPL fans outside India Retailers to scale the pricevalue ladder of IPL 'IPL as an opportunity to create new brands in market' More >> Economic recovery: Spotlight back on mergers & acquisitions From cement to cricket, the 'C' word is doing the rounds yet again as big guns fire all cylinders to consolidate. For Dipak Jain life has transitioned from performance to purpose Use business analytics to make informed decisions: IBM's Fred Balbon Leaders should recognise their level and take responsibilities More >> 2010 promises to be a momentous year for real estate In the past decade, the real estate sector saw both highs and lows, but going by the way things are at present, 2010 promises to be momentous . Don't get swayed by the appeal of sample flat What is consumer sentiment and it works in realty sector Owning a vacation home in a holy land More >> TN: Land awash in hues of green & blue; shrine & rivers enchanting The beautiful landscape seems to be awash in hues of green and blue while the rivers and ancient shrines present a pleasant, breathtaking and enthralling view. Exploring the home city with different eye & perspective 'Kenya has more than just safaris' The Brahmaputra: Defying terrestrial obstructions More >>

http://economictimes.indiatimes.com/default1.cms

NEWS

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• Government clueless on price rise: BJP

     Thursday February 25, 2010 03:24 am PST

  New Delhi: The government has 'run out of ideas' on controlling the spiralling prices of essential commodities and is 'only looking for alibis' to cover up for its failures, main opposition Bharatiya Janata Party (BJP) said on Thursday.  Read More
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• Infrastructure bottlenecks main roadblock in industry's growth

     Thursday February 25, 2010 03:22 am PST

  New Delhi: The outlook for Indian industry has brightened for the medium term but infrastructure bottlenecks, particularly in energy and roads, remain the constraining factors for stepping up growth to a higher level, says the Economic Survey for this fiscal.  Read More
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• India can become fastest growing economy in four years: Survey

     Thursday February 25, 2010 03:21 am PST

  New Delhi: India's gross domestic product (GDP) can expand by double-digit levels to emerge as the fastest growing economy in the world by 2014, even as spiralling prices remains the immediate concern, says the Economic Survey for this fiscal.  Read More
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• Highlights of the Economic Survey

     Thursday February 25, 2010 03:19 am PST

  New Delhi: Following are the highlights of the annual Economic Survey for the current fiscal tabled by the Finance Minister Pranab Mukherjee in the Lok Sabha on Thursday:  Read More
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• Recommendations of Finance Commission largely accepted: Mukherjee

     Thursday February 25, 2010 03:16 am PST

  New Delh: The government has largely accepted the suggestions made by the 13th Finance Commission that has recommended a 32-percent share of the federal taxes for states, as well as grants for local, urban and rural elected bodies for the first time.  Read More
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• India 10th largest gold-holding country: Survey

     Thursday February 25, 2010 12:20 am PST

  New Delhi: From a nation that pledged its bullion two decades ago to pay for imports, 2009-10 saw India becoming the world's 10th largest gold-holding country, the Economic Survey noted.  Read More
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• Survey for freeing food, fertiliser, diesel prices

     Thursday February 25, 2010 12:18 am PST

  New Delhi: The Economic Survey today asked the government to decontrol prices of food, fertiliser, diesel and kerosene, saying subsidies given to these sectors have a "questionable" impact.  Read More
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• Instant View: Finmin report urges fiscal consolidation

     Thursday February 25, 2010 12:15 am PST

  New Delhi (Reuters): The government should start fiscal consolidation beginning in April by reforming spending, eliminating its revenue deficit, and putting a cap on government debt, a finance ministry report said on Thursday.  Read More
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• Industrial outlook bright, says Survey

     Thursday February 25, 2010 12:12 am PST

  Lauding the strong industrial performance, the Economic Survey asked the government to ensure a balance and sustained growth as certain sectors have failed to see a revival in 2009-10.  Read More
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• Economic Survey: More stimulus to export sector

     Thursday February 25, 2010 12:10 am PST

  The pre-Budget Economic Survey favoured providing further stimulus for the exports sector, arguing that the recovery prospects in global markets are still fragile.  Read More
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• FinCom for 'calibrated' stimulus exit strategy

     Thursday February 25, 2010 12:08 am PST

  The 13th Finance Commission has asked the government to adopt a "calibrated" strategy for withdrawing stimulus measures provided to spur the economy in the wake of the global economic crisis.  Read More
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• Channelise savings for infra development: Survey

     Thursday February 25, 2010 12:07 am PST

  Considering the dimensions of the infrastructure deficit in the country, the Economic Survey called for channelising savings for development of core sectors on a large scale.  Read More
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• India will grow by 9 pct: Economic Survey

     Thursday February 25, 2010 12:05 am PST

  Enthused by reforms and the strong fundamentals, the Economic Survey predicted that India would bounce back to a high nine per cent growth in 2011-12 on the way to becoming world's fastest growing economy in four years.  Read More

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  The Finance Minister briefs the Cabinet on the budget proposals before presenting it to the Lok Sabha.

Budget Groups

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RAIL BUDGET - HIGHLIGHTS

• rail budget

   

• No increase in passenger fares
• Rs.100 reduction in freight per wagon for fertilisers and kerosene
• Free travel for cancer patients in 3rd AC classes
• Cost-sharing in public-private-partnership (PPP) mode in some gauge-conversion projects
• Further extension of Kolkata Metro on priority basis; stations to be named after Bahadur Shah Zafar, Tagore family
• Karmabhoomi trains to be introduced for migrant labour
• New Janmabhoomi train between Ahmedabad and Udhampur
• Special 'Bharat Teertha' train to be run around India to commemorate Rabindranath Tagore's 150th birth anniversary
• Railway line to be extended from Bilaspur in Himachal Pradesh to Leh in Jammu and Kashmir
• Andaman and Nicobar Islands to get railway line from Port Blair to Diglipur
• Sikkim capital Gangtok to be connected by rail from Rangpo
• 2011 being 150th anniversary of Rabindranath Tagore, special train to be run from West Bengal to Bangladesh
• Gross earnings in 2009-10 estimated at Rs.88,281 crore
• Working expenditure in 2009-10 estimated at Rs.83,440 crore
• Expenses during 2010-11 estimated at Rs.87,100 crore
• Thrust on expansion in 2010-11 with allocation of Rs.4,411 crore
• Kashmir rail link to be extended to Sopore in the north of the valley
• Net profit of Rs.1,328 crore in 2009-10
• 10 automobile ancillary hubs to be created
• Twenty-two million energy saving CFLs for lighting distributed already
• Policy decision to employ one member of family whose land is requisitioned for railway projects
• North-south, east-west dedicated freight corridors to be created
• Construction of high-speed passenger rail corridors envisaged
• More multi-functional hospitals to be set up
• Educational facilities to be set up for children of 80,000 women families
• Special facilities to be established for gangmen
• Insurance facilities for licensed porters as part of railway's corporate social responsibility
• Centre for railway research to be established with Indian Institutes of Technology and
• Defence Research and Development Organisation
• Will involve unions in policy making
• Integral Coach Factory Chennai to be further modernised
• New wagon repair shop in Mumbai
• Design, development and testing centre for railway wheels at Bangalore
• Within five years, all unmanned level crossings to be manned
• Construction of more underpasses, besides road overbridges
• Greater coordination with state governments to protect railway property
• Security of women passengers to be improved
• Ex-servicemen to be employed in Railway Protection Force
• Five sports academies to be set up
• Astroturf to be provided for development of hockey
• Employment opportunities for sports persons
• Railways to be lead partner for Commonwealth Games
• Special drive to increase passenger amenities
• Upgrade of 94 stations
• Six new drinking water bottling plants in PPP mode
• Modern toilets at railway stations
• More ticketing centres to help the public
• Acquisition of cutting edge safety technology
• 1,000 route km to be created
• Special task force for clearing investment proposals in 100 days
• New business model to be created
• No privatisation of railways
• But greater participation of private sector
• 117 of 120 new trains for current fiscal to be flagged off

---

Enlarge Photo

Reuters

India, Pakistan to meet, seeking thaw in relations

Reuters

India and Pakistan hold their first official talks since the 2008 Mumbai attacks on Thursday, a meeting that is unlikely to lead to an immediate breakthrough but may help thaw their frigid relations.

Avoid tour abroad during session: PM to ministers

IE

Taking exception to ministers wanting to travels when Parliament session is on, PM Manmohan Singh has cautioned his colleagues against making travel plans abroad unless absolutely necessary.

US upbeat on Israeli-Palestinian talks

Reuters

Secretary of State Hillary Clinton said on Wednesday she hoped Israeli-Palestinian peace talks would resume "shortly," sounding more upbeat than usual for a US official.

MORE STORIES
• Militant rises from Sopore debris, kills jawan before being shot IE
• Inter edge Chelsea 2-1 after thrilling first leg Reuters
• Why don't we have Holi songs nowadays? IANS

NATIONAL

SRK vs Shiv Sena

MNIK release-Is it the beginning of a new Mumbai?

NATIONAL

Pune bakery blast

Who could be behind Pune German Bakery blast?

NATIONAL

Bold and sexy 'Red'

Here is a look at the red hot style statement

NATIONAL

'Jai ho' once again

AR Rahman bags two trophies at the Grammy Awards

NATIONAL

R-Day celebrations

India celebrates 60 years of being a 'Republic'

NATIONAL

Top 10 news of '09

Quick review of headlines that made news in '09

NATIONAL

SRK vs Shiv Sena

MNIK release-Is it the beginning of a new Mumbai?

NATIONAL

Pune bakery blast

Who could be behind Pune German Bakery blast?

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National News

• Reuters
• IANS
• ANI
• HT
• IE
• FE
• PTI
• AP

Reuters

• Rivals India, Pakistan agree to "keep inThu 25 Feb
• Accolades pour in for record-breaking TendulkarThu 25 Feb
• India says to keep in touch with Pakistan afterThu 25 Feb
• Finmin urges fiscal discipline ahead of budgetThu 25 Feb

» All National News from Reuters

IANS

• Taj Corridor case reverted to original benchThu 25 Feb
• Paper on Saeed is literature not evidence, saysThu 25 Feb
• Probe demanded into 'bogus' PanjabThu 25 Feb
• India supplies weapons to Pakistani terrorists:Thu 25 Feb

» All National News from IANS

ANI

• 50-year-old village head attends school in MadhyaThu 25 Feb
• Raj Thackeray gets bail in rioting cases, hoursThu 25 Feb
• Balochistan, other issues were discussed: IndianThu 25 Feb
• NAC to be constituted for effectiveThu 25 Feb

» All National News from ANI

HT

• There were differences with Saran, says RameshThu 25 Feb
• Bushed outThu 25 Feb
• Didi's Janata Express is all steam, no powerThu 25 Feb
• 101 services, but is it enough?Thu 25 Feb

» All National News from HT

IE

• Unfair to let terrorism stall relations: PakThu 25 Feb
• 'Govt ready for talks with ULFA butThu 25 Feb
• Showcause notices to 44 deemed universties:Thu 25 Feb
• Raj Thackeray surrenders in court in riotingThu 25 Feb

» All National News from IE

FE

• Resurrecting the glory and grandeur of BiharThu 25 Feb
• India, Pak to get back on talking terms todayThu 25 Feb
• Gateway Distriparks: the railway freight thrustThu 25 Feb
• Rail Budget fails to cheer mkts, Sensex sheds 30Thu 25 Feb

» All National News from FE

PTI

• Pink City to host elephant festival on February 28Thu 25 Feb
• Pak pitches for quick resumption of compositeThu 25 Feb
• Indian team arrives in Ahmedabad sans Tendulkar,Thu 25 Feb
• Infant deaths to fall significantly in 3yrs:Thu 25 Feb

» All National News from PTI

AP

• India, Pakistan hold first talks in 15 months,Thu 25 Feb
• Ranbaxy swings to profit despite FDAThu 25 Feb
• Indian foreign secretary says she told PakistanThu 25 Feb
• Indian foreign secretary says first talks withThu 25 Feb

» All National News from AP

World News

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IANS

• Pakistan to hand over captured Taliban leaders toThu 25 Feb
• EU trade chief to visit Singapore, Vietnam andThu 25 Feb
• Syria, Iran waive visas as leaders meet inThu 25 Feb
• China factory blast toll rises to 19Thu 25 Feb

» All World News from IANS

Reuters

• Big fuel spill in Italy river Po may be deliberateThu 25 Feb
• Dubai Mall partly evacuated after aquarium leakThu 25 Feb
• Slain Hamas man used many passports - confidantThu 25 Feb
• FACTBOX - Britain's first-time voters speakThu 25 Feb

» All World News from Reuters

ANI

• CIA, ISI fighting war on terror together withoutThu 25 Feb
• India asks Pakistan to take action against 26/11Thu 25 Feb
• Octomom open to having another kid, but afterThu 25 Feb
• Brit tennis player sues publication for callingThu 25 Feb

» All World News from ANI

HT

• NRI wins UN green prizeThu 25 Feb
• Face reader on Pak talks teamThu 25 Feb
• Lanka, British ties hit as Miliband addressesThu 25 Feb
• Why The Car Company Is Named Toyota, Not ToyodaThu 25 Feb

» All World News from HT

IE

• CIA extends war on terror to Peshawar, Quetta inThu 25 Feb
• Haiti crisis is 'unprecedented': UNThu 25 Feb
• Charges to be framed against Fonseka in civilThu 25 Feb
• Coming soon: Emotion detector for babiesThu 25 Feb

» All World News from IE

FE

• Maldives calling Indian engineering exportersWed 24 Feb
• Fed's rate signal spooks marketSat 20 Feb
• Designer McQueen hanged himself in wardrobeThu 18 Feb
• Indo-Pak talks to focus on terrorThu 18 Feb

» All World News from FE

PTI

• Pakistan offers to step up intelligence co-opTue 16 Feb
• Pak govt presents evidence against suspects inSat 30 Jan
• US continues to get info on possible terrorSat 30 Jan
• Fonseka tried to assassinate Rajapaksa: DefenceThu 28 Jan

» All World News from PTI

AP

• Obama vows to make job growth his top priorityThu 28 Jan

» All World News from AP

Business News

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Reuters

• Weak euro zone confidence, lending points to grimThu 25 Feb
• India Feb gold imports seen at 30-35 T y/y - tradeThu 25 Feb
• United Bank share sale subscribed 32.92 timesThu 25 Feb
• RBI penalises Bank of Rajastan for rule violationThu 25 Feb

» All Business News from Reuters

IANS

• Opposition, government spar in parliament overThu 25 Feb
• UBI IPO subscribed 32.92 timesThu 25 Feb
• Madhya Pradesh cuts rates on loans to farmersThu 25 Feb
• Karnataka backs organic farming to reduceThu 25 Feb

» All Business News from IANS

ANI

• Citi hires Joanne Allen to head human resourcesThu 25 Feb
• Kiwi firm to make personal jet packsThu 25 Feb
• Egencia global hotel study indicates significantThu 25 Feb
• Maruti to change fuel tanks in 1 lakh A-StarsWed 24 Feb

» All Business News from ANI

HT

• Even home isn't where the heart isThu 25 Feb
• 'No focus on improving business prospects'Thu 25 Feb
• Essar to sell telco tower biz to ATC for Rs 2,000Thu 25 Feb
• 3G auction set for April 9Thu 25 Feb

» All Business News from HT

IE

• Fiscal ending with economic rebound: FMThu 25 Feb
• ICICI Bank hikes interest rates on some depositsThu 25 Feb
• Survey for freeing food, diesel pricesThu 25 Feb
• Banks fail to bring down rates; borrowers tapThu 25 Feb

» All Business News from IE

FE

• Oil extends gains above $80 per barrelThu 25 Feb
• India will grow by 9 pct: Economic SurveyThu 25 Feb
• 'Coca-Cola close to buying its largestThu 25 Feb
• Govt begins work on 5 more mega power projectsThu 25 Feb

» All Business News from FE

PTI

• Gold recovers on fresh local supportThu 25 Feb
• RBS Q4 loss shrinks to 765 mn poundsThu 25 Feb
• 3G spectrum auction from April 9Thu 25 Feb
• Freight rates up on tight position of trucksThu 25 Feb

» All Business News from PTI

AP

• AirAsia posts Q4 profit, returns to black inThu 25 Feb
• Philip Morris combines with Philippine company, ASThu 25 Feb
• 8 Pacific states seeking to increase tunaThu 25 Feb
• Japan stocks down on strong yen, Toyota falls, ASThu 25 Feb

» All Business News from AP

Sports News

• Reuters
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Reuters

• India rest Tendulkar and Sehwag for finalThu 25 Feb
• Makelele's playing career to end with theThu 25 Feb
• Bridge withdraws from England selectionThu 25 Feb
• Real Madrid waiting for Kaka to hit top formThu 25 Feb

» All Sports News from Reuters

IANS

• India's security arrangements of highestThu 25 Feb
• Difficult, tricky outing for India against SouthThu 25 Feb
• Rajpal says Prabhjot never made captaincy an issueThu 25 Feb
• Sachin, Sehwag rested for Ahmedabad ODIThu 25 Feb

» All Sports News from IANS

ANI

• Benitez backs Gerrard for England captaincyThu 25 Feb
• Chelsea fuming over referee-penalty blunderThu 25 Feb
• Ashley Cole refuses to talk about Cheryl betrayalThu 25 Feb
• India celebrates Tendulkar's world record ofThu 25 Feb

» All Sports News from ANI

HT

• Hopes rest on man who beat the bulletThu 25 Feb
• Security on mind, teams focus on taskThu 25 Feb
• Veteran Dutch goalie chases an elusive dreamThu 25 Feb
• Bernie buzz spurs Karun's hopesThu 25 Feb

» All Sports News from HT

IE

• FIH chief gives thumbs-up to World Cup securityThu 25 Feb
• Pavilion, road in Gwalior to be named after SachinThu 25 Feb
• Hockey gods and bobs make it Canada's dayThu 25 Feb
• Tendulkar better than even Bradman: Nasser HussainThu 25 Feb

» All Sports News from IE

FE

• Bordeaux claim 1-0 victory at OlympiakosWed 24 Feb
• Rooney leads Man United to victoryWed 24 Feb
• Brett Lee retires from Test cricketWed 24 Feb
• Hockey World Cup scores a winner with advertisersTue 23 Feb

» All Sports News from FE

PTI

• Tendulkar greatest, happy he broke my record:Thu 25 Feb
• Anwar rejects PCB chief selector''s postThu 25 Feb
• Former football Olympians from AP fire salvo atThu 25 Feb
• 260-plus would be a good score: Motera curatorThu 25 Feb

» All Sports News from PTI

AP

• Chang cruises into Malaysian Open quarterfinal,Thu 25 Feb
• Scheepers reaches first WTA quarterfinal, TENThu 25 Feb
• Ochoa tied for lead at HSBC Women'sThu 25 Feb
• Norway's Skarpnord leads NZ Womens' Open,Thu 25 Feb

» All Sports News from AP

Technology News

• FE
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FE

• HP introduces records management solutionWed 24 Feb
• Perot buy helps Dell serve Indian clients betterSat 20 Feb
• Microsoft steps up search assault on GoogleFri 19 Feb
• Use bio-tech to increase yield: IRRIFri 19 Feb

» All Technology News from FE

Reuters

• Reuters Summit - Online travel bookings shiftThu 25 Feb
• Google CEO woos suspicious mobile industryWed 17 Feb
• Google CEO goes on mobile charm offensiveWed 17 Feb
• Bharti says in $10.7 bln talks for ZainMon 15 Feb

» All Technology News from Reuters

IANS

• Nuclear scientist goes missing in Tamil NaduThu 25 Feb
• First ovarian transplant helps woman bear two kidsThu 25 Feb
• Scientists trying to interpret baby's bawlingThu 25 Feb
• US faces prospect of losing all out cyberwarThu 25 Feb

» All Technology News from IANS

ANI

• The Age Prediction Machine that tellsThu 25 Feb
• PleaseRobMe website reveals risks of postingThu 25 Feb
• Now control your cellphone using magnet magicWed 24 Feb
• New security threat against 'smart phone'Tue 23 Feb

» All Technology News from ANI

IE

• IBM, iYogi ink deal for state-of-the-art dataTue 23 Feb
• Memories in printSun 21 Feb
• 'FarmVille' creator opens India officeWed 17 Feb
• HCL Infosystems launches PVC free notebookTue 16 Feb

» All Technology News from IE

AP

• Expert: China GM rice may be market-ready byWed 24 Feb
• Sanyo vows to keep No. 1 spot in batteries, ASWed 24 Feb
• China launches strict new Internet controls, ASTue 23 Feb
• China rejects report schools linked to hacking, ASTue 23 Feb

» All Technology News from AP

Science News

• ANI
• Reuters
• IANS
• AP

ANI

• Bigger animals need stiffer 'shoes'Thu 25 Feb
• More tropical cyclones in ancient past could playThu 25 Feb
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• Jessica Simpson may break silence on John MayerThu 25 Feb
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Economic Survey says India's trade prospects has brightened in 2010

Sify - ‎2 hours ago‎

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Economic Survey 2009-10 puts India's GDP Growth at 7.2% BreakingNewsOnline.

Myiris.com - CIOL

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The Hindu

Infant deaths to fall below 30 per 1000 live births by 2012: Survey

The Hindu - ‎4 hours ago‎

... although block and village level annual plans have not been prepared for 24 States and UT, the Economic Survey said. India has successfully brought down ...

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Infant deaths to fall significantly in 3yrs: Survey Press Trust of India

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Rediff

Economic Survey: Free grain stocks if food prices rise

Moneycontrol.com - ‎7 hours ago‎

The finance ministry, in its annual survey of the economy for fiscal year to March 2010, said state-run Food Corp of India and other firms should release ...

Retail prices rising 10-times faster than wholesale's NDTV.com

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India's Weekly Food Inflation Drops RTT News

Sify - Oneindia

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The Hindu

Economic Survey 2010 - Full Text

The Hindu - ‎6 hours ago‎

The text of the Economic Survey presented by the Finance Minister, Mr. Pranab Mukherjee in Parliament on February 25, 2010. Emphasis on security, passenger ...

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Sideways movement to continue Moneylife Personal Finance Magazine

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KolkataObserver.com

Economic Survey urges fiscal discipline ahead of budget

Moneycontrol.com - ‎3 hours ago‎

The ministry's economic survey for the 2009/10 financial year urged a calibrated exit from fiscal stimulus, which cushioned India's economy from the worst ...

Highlights of Economic Survey 2009-10 Little About (blog)

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Indian Express

Budget tomorrow amid debate on stimulus rollback

NDTV.com - ‎2 hours ago‎

... on Thursday with Economic Survey and Finance Commission favouring gradual rollback of stimulus to check strains on government finances, but India Inc ...

Growth rate would be 8.5 pc: Pranab indiablooms

Budget: What to expect, what not to expect Rediff

Industry expectations for Budget 2010-11 Car Wale (blog)

Doordarshan - TopNews

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The Hindu

Sensex shrugs off upbeat Economic Survey

India Infoline.com - ‎3 hours ago‎

BSE Sensex was unable to bounce back despite an upbeat Economic Survey. With the Railway Budget turning out to be more populist one and international equity ...

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Small-cap, mid-cap indices slide as caution prevails ahead of the Budget BloombergUTV

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हिंदी में

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Average IPO volume up; total number of issues down in 2009: Survey

Economic Times - ‎6 hours ago‎

The government divested stake through IPOs in NHPC and Oil India to mop up a combined over Rs 8800 crore. Some of the big ticket IPOs of 2009 include NHPC ...

Dubai crisis could affect India's foreign trade: Survey

NDTV.com - ‎7 hours ago‎

... to have "some impact" on India's exports and imports as the gulf region is the country's largest trade partner, the Economic Survey 2009-10 has said. ...

Investment spending is the biggest concern: Gunjan Gulati, JP Morgan

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Gunjan Gulati, economist, JP Morgan, in a chat with ET Now talks about the Economic survey. We have seen the Economic Survey numbers come

India needs 6800 more hospitals, NRHM has many glitches: Survey

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India needs over 6800 more hospitals in rural areas to provide basic health facilities to people, the annual Economic Survey released Thursday said. ...

Government adopts multi-pronged approach to correct uneven progress in health ...

Oneindia - ‎1 hour ago‎

New Delhi, Feb 25 (ANI): The Economic Survey for 2009-10 presented by Finance Minister Pranab Mukherjee in Parliament on Thursday has revealed that an ...

Infant deaths to fall below 30 per 1000 live births by 2012: Survey

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PTI AP Under the National Rural Health Mission (NRHM), which was launched in 2005, infant mortality rate (IMR) is expected to fall below 30 in every 1000 ...

Infant deaths to fall significantly in 3yrs: Survey

Press Trust of India - ‎1 hour ago‎

New Delhi, Feb 25 (PTI) India's infant mortality rate is expected to witness a significant drop in three year's time with National Rural Health Mission ...

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India's food inflation now at 17.58 percent

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India's annual food inflation based on wholesale prices fell to 17.58 percent for the week ended Feb 13 from 17.97 the week before, as per official data ...

India's food inflation falls to 17.58 pc

Oneindia - ‎5 hours ago‎

New Delhi, Feb 25: India's food inflation fell to 17.58 per cent for the week ended Feb 13, a government data release showed. Food inflation was at 17.97 ...

Retail prices rising 10-times faster than wholesale's

NDTV.com - ‎6 hours ago‎

PTI, February 25, 2010 (New Delhi) In the midst of an ongoing debate among policymakers over price rise, the Economic Survey on Thursday said the retail ...

Food inflation rises to 17.58 per cent

Indian Express - ‎7 hours ago‎

The food price index rose 17.58 per cent in the 12 months to Feb. 13, while the fuel price index was up 9.89 per cent, the government said on Thursday. ...

Food inflation falls to 17.58%

NDTV.com - ‎7 hours ago‎

Food inflation falls to 17.58 per cent for the week ended February 13 from 17.97 per cent in the previous week. The index for 'food articles' group declined ...

Economic Survey: Free grain stocks if food prices rise

Moneycontrol.com - ‎7 hours ago‎

The state-run grain procurement agencies must free some grains in the open market if food prices accelerate, the finance ministry said in a report on ...

Food price inflation eases to 17.58 per cent

domain-B - ‎1 hour ago‎

The annual rate of inflation based on the wholesale price index of food articles declined to 17.58 during the week ended 13 February 2010 from 17.97 per ...

Food Inflation Declines To 17.58% From 17.97%

TopNews - Piyush Diwan - ‎3 hours ago‎

For the week ended Feb 13, the country's twelve-monthly food inflation based on wholesale prices dropped to 17.58% as against 17.97% in the previous week. ...

India's food inflation eases slightly to 17.58 %

NetIndian - ‎4 hours ago‎

India's food inflation rate came down slightly to 17.58 per cent in the year to February 13 from 17.97 per cent in the previous week, while fuel prices were ...

India's Weekly Food Inflation Drops

RTT News - ‎4 hours ago‎

(RTTNews) - India's food inflation, as measured by the wholesale price index, or WPI, for the week ended February 13 dropped due to the lower prices of tea, ...

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Economic Survey 2010 - Full Text

Share  ·   print  ·   T+  

The text of the Economic Survey presented by the Finance Minister, Mr. Pranab Mukherjee in Parliament on February 25, 2010.

Chapter 1

Chapter 2

Chapter 3

Chapter 4

Chapter 5

Chapter 6

Chapter 7

Chapter 8

Chapter 9

Chapter 10

Chapter 11

Keywords: Economic Policy, Economic Survey, Pranab Mukherjee, Finance

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• Economic Survey 11. pdf

TOPICS

economy (general) economic policy
macro economics budgets and budgeting
central bank
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