Economic Survey Of India 2008-09 Tabled In Parliament. Railway Budget 2009 Tomorrow.

02 Jul

Posted by Shyam as Market News

The Govt today presented the Economic Survey Of India 2008-2009 in the parliament today. The budget session for this year commenced today with Finance Minister Mr.Pranab Mukherjee tabling the Economic Survey of India for the year 2008-09. The railway budget 2009 will be presented tomorrow by the railway minister Ms.Mamta Banerjee.

Here are some of the highlights of the Economic Survey of 2008-09 :-

* The Economic Survey has suggested for removing the cess, Fringe benefit tax, different surcharges on taxes and bring in many different reforms in petrol pricing and the financial sector.

* The most important disclosure of the Economic Survey is that India could grow at an average rate of 7% in the fiscal year 2009-10. And India can ride in growth rates of 8-9 in medium term if all the reforms which are being planned can be successfully pursued.

* In Eleventh Five-Year Plan period from 2007-12, the Govt is expecting to create a mind blowing 58 million jobs in the country. It was projected somewhere around 45 million earlier. That is one of the good news brought forward in the Economic Survey of India 2008-09.

* As per the Economic Survey Of India the next phase of economic stimulus will include both govt expenditure and tax cuts in many cases.This is being done keeping the macro economic fundamentals like interest rates, exchange rates and growth rates in mind.

* For the current fiscal 2009-10, the economic survey has projected a fiscal deficit of 5.5% of the GDP. The target for the Govt is to bring the fiscal deficit to about 3% of the GDP.

* The economic survey recommends FDI cap in Insurance sector to be raised from 26% to 49%. Also raising the FDI limits in defence sector from 26% to 49%.