ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Non-Inclusive Growth

The Economic Survey 2006-07 was special because it presented a review of a year when the economy grew the fastest in close to two decades. It was also a year when by all indications there was little sign of “inclusion” (which the United Progressive Alliance government has made as its mantra) and there were few attempts to bridge the divide between two Indias.

With the gross domestic product estimated to grow by 9.2 per cent in 2006-07, the average annual growth in the Tenth Plan (2002-07) will be 7.6 per cent, very close to the 8 per cent target. What is notable is that the present growth phase is investment-led rather than consumption-led, thus enhancing significantly the productive capacities in the economy. Though services continue to lead the charge, the considerable acceleration of industry, particularly manufacturing, to double digits is a welcome development.

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