25 February,2010 12:27 PM IST | | Agencies
A day before unveiling the Union Budget, Finance Minister Pranab Mukherjee has tabled the Economic Survey in Parliament. India's GDP expected to grow at 8.5% in 2010-2011.
Besides the Survey, the Minister will also present the report of the 13th Finance Commission on sharing of taxes between the centre and states for the five-year period beginning April 2010, along with an action taken report.
The Survey, which will provide the outlook for 2010-11, is expected to project around 7.5 per cent economic growth rate during the current fiscal, which will be marginally higher than 7.2 per cent estimated by the Central Statistical Organisation (CSO).
Previous Survey, which was tabled in July by Mukherjee, had said the economy, despite the impact of the global financial crisis, could expand up to 7.75 per cent. It was reiterated by the Minister when he presented the Mid-Year Review of the Economy in December.
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Driven by stimulus package, the economy during the second quarter of the fiscal ending September grew by 7.9 per cent, much above the expectation of the analysts.
The survey is also expected to underline the need for fiscal consolidation as the deficit of the government is estimated to shoot up to 6.8 per cent of the Gross Domestic Product (GDP) during 2009-10 from 6.2 per cent a year ago.
As regards the Finance Commission report, it was submitted to President Pratibha Patil on December 30, 2009 by Chairman Vijay Kelkar. The report was later considered by the Union Cabinet.
