Economic Survey

The slowdown in the IIP index is partly due to base effect of very fast growth last year, however, the growth momentum remains strong and broad based.

Services have been India’s engine of growth and employment. Policies to promote further opportunities may be essential, especially given vast opportunities in new areas in global demand.

Infrastructure services are deepening rapidly, as are service delivery standards, thanks to rising and accelerated investment (with rates roughly doubling over the Eleventh Plan period)---from aviation, roads and telecommunications to ports, railways and power.

In terms of human development parameters, India has performed below its potential. The Government is addressing exclusion much more broadly---with accelerated schemes for traditionally excluded households (among SCs STs and OBCs) and regions (e.g., North East). Social protection has taken a massive jump with the expansion of the MNREGE. Progress on the NHRM, Sarva Shiksha Abhiyaan and others continues apace. There is stepped up spending (as well as its monitoring) on social programmes by over 5 percentage points of GDP over the past five years. On climate change, similarly, the Government is engaged more intensively, with expanded financing of programs, better policies, and accelerated engagement with the global community.

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