Following are the highlights of Economic Survey for the fiscal year 2010-11, presented in Parliament on Friday:

* Economy to grow at 8.6 per cent in 2010-11 and 9 per cent in the next fiscal.

* Gross Fiscal Deficit stands at 4.8 per cent of GDP, down from 6.3 per cent last year.

* Inflation expected to be 1.5 per cent higher than what it would be if the economy were not on growth path.

* Economy sees broad-based growth; rebound in farm and continued momentum in manufacturing, private services.

* Fundamentals strong with growing savings and investments, rapid rise in exports.

* Industrial output grows by 8.6 per cent; manufacturing sector registers 9.1 per cent.

* Exports in April-December 2010 up 29.5 per cent; imports up 19 per cent.

* Trade gap narrowed to $ 82.01 billion in April-December 2010.

* Food inflation, higher commodity prices and volatility in global commodity markets cause of concern.

* Inflation continues to be high; need to monitor emerging trends in inflation on a sequential monthly basis.

* To check food inflation, the government should improve delivery mechanisms by strengthening institutions and addressing corruption.

* Savings rate has gone up to 33.7 per cent, while the investment rate is up at 36.5 per cent of GDP.

* Rising food inflation underlines need for larger investment in farming, enroute to Second Green Revolution.

* Net bank credit grows by 59 per cent.

* Social programme spending stepped up by 5 percentage points of GDP over past 5 years.

* Production of foodgrains estimated at 232.1 mn tonnes.

* Forex Reserves estimated at $ 297.3 billion.

* Accelerated investments needed in infrastructure to address delays, cost overruns, regulatory impediments.

* Telecom sector did exceedingly well; role of services sector as the potential growth engine laudable.

* Policies needed to promote new areas such as accounting, legal, tourism, education, financial and other services.

* Economic growth to be faster than ever before in next two decades.

* Need for efficient taxation of goods and services by a new GST regime.

* Improve convergence of social and financial inclusion schemes to check unemployment, poverty and leakages.

* Reform university and higher education; correct demand supply mismatch in job market.

* Meet resource gap in higher education through public private partnership, with regulatory oversight.

Keywords: Economic Survey

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