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Economic Situation

 

Highlights
Introduction
Economic Situation
Key Objectives
Agriculture
Small Scale Industry
Investment in Industry
Housing
Infrastructure
Education
Information Technology
Financial Sector
FEMA
Capital Market
NRI's
Expenditure Restructuring
Develop North East
Privatisation
Estimates for 1998
Expenditure
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Non Plan Expenditure
Revenue Receipts
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Current Economic Situation
6. A few days ago the Economic Survey, 1997-98 was tabled in Parliament. It provides a comprehensive analysis of the economy's performance during 1997-98. In my interim budget speech I had already drawn attention to some disquieting trends: overall economic growth slowed to 5 per cent in 1997-98; agricultural growth was negative, with foodgrain production dropping to194 million tonnes from199 million tonnes in the previous year; growth of industrial production slackened to 4.2 per cent; export performance was weak for a second successive year, recording growth in dollar terms of less than 3 per cent; the fiscal deficit worsened to 6.1 per cent of GDP; the capital market remained in the doldrums and infrastructure bottlenecks continued to plague the economy. But I am not daunted by the situation. Only the weak are tamed by adversity, the strong rise above them.
 

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