GDP India 2007

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The GDP India 2007 represents different important economic parameters like inflation, purchasing power parity, bank credit, foreign direct investment, excise duty etc. Further, the GDP India 2007 includes performance of the critical industries like manufacturing, agriculture, infrastructure, banking and insurance etc.

The achievements of GDP India 2007 are as follows - Agriculture -
  • Farm credit target of Rs.225, 000 crore for 2007-08 has been set with an addition of 50 lakh new farmers to the banking system
  • 35 projects have been completed in 2006-07 and additional irrigation potential of 900,000 hectares to be created in the year 2007- 2008
  • Training of farmers arranged according to their needs
  • Based on study to be conducted, a pilot programme to be implemented for delivering subsidy directly to farmer.
  • Loan facilitation through Agricultural Insurance, National Bank for Agriculture and Rural Development
  • Corpus of Rural Infrastructure Development Fund to be raised
Investments -
  • Gross domestic capital formation in 2005-06 grew by 23.7%; in April- January, foreign direct investment amounted to US$12.5 billion and outpaced portfolio investment of US$6.8 billion
  • Central Public Sector Enterprises to invest Rs.165,053 crore through internal and extra budgetary resources in 2007-08
Infrastructure -
  • Seven more Ultra Mega Power Projects under process
  • Provision for National Highway Development Programme to increase from Rs.9,945 crore to Rs.10,667 crore
Industry -
  • 162 production sharing contracts awarded in Petroleum and Natural Gas sector
  • SMEs has witnessed increase in outstanding credit from Rs.135, 200 crore to Rs.173,460 crore
Services -
  • Foreign Trade and Merchandise exports expected to cross US$125 billion by the end of the current fiscal
  • Provision for tourist infrastructure to increase from Rs.423 crore to Rs.520 crore
  • General Review of Financial sector development -
  • Bank's differential rate of interest scheme providing finance at the rate of 4% to weaker sections
  • Regional Rural Banks to open at least one branch in 80 uncovered districts in 2007-08
  • Housing loans are extended to the weaker sections
  • Exclusive health insurance scheme for senior citizens
  • PAN to be made sole identification number for all participants of capital market
Others -
  • Defense expenditure allocation to increase to Rs.96, 000 crore
  • IT allocation for e-governance to increase from Rs.395 crore to Rs.719 crore
  • Sarva Shiksha Abhiyan and Mid-day Meal Scheme allocation increased by 35%
  • All districts must emphasize on mother and child care and on prevention & treatment of communicable diseases
The forecasts of GDP India 2007 are as follows -
  • Improve GDP growth rate from 9.2% in 2006-07 to 10 % in 2007-2008
  • The overall economic growth target is set at 10%
  • During three year period, acceleration in growth rate in manufacturing from 8.7% to 9.1% and then to 11.3% and growth rate in services sector from 9.6% to 9.8% and further to 11.2%
  • Average growth in agriculture is estimated at 2.3%
  • Growth in bank credit, year on year, by 29.6%; expansion in money supply (M3) by 21.3%, foreign exchange reserves at US$ 180 billion
  • Pressure on domestic prices by global commodity prices and supply constraints in some essential commodities - consequently the average inflation in 2006-07 is estimated at between 5.2 and 5.4% in India Union Budget 2007- 2008
  • Allocations for major sectors, like increase in provision for Bharat Nirman by 31.6% from Rs.18, 696 crore to Rs.24, 603 crore, for education by 34.2% to Rs.32, 352 crore and for health and family welfare by 21.9% to Rs.15, 291 crore
  • Faster growth involving each and every Indian industry and sector
  • Attain growth rate of approximately 10% by the end of plan period
  • Achieve growth of 4% in the agriculture sector
  • More faster employment generation
  • Reducing developmental and economic gap across different regions
  • Ensuring access to basic physical infrastructure and health and education services to all
Last Updated on 04th July 2011