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Thursday, July 02, 2009

Indian economy has shock absorbers to facilitate growth

Despite face wide ranging challenges

The Economic Survey for 2008-09 was presented by Finance Minister Pranab Mukherjee in Parliament today, 2 July 2009.

The FM said in his annual Economic Survey said that banks are financially sound and well capitalized, foreign exchange position remains comfortable and the external debt position has been within comfortable zone. He added, the rate of inflation provides a degree of comfort on the cost side for the production sectors. Agriculture and rural demand continues to be strong and agricultural prospects are normal, the Survey revealed.

The Survey said that while there are indications that the economy may have weathered the worst of the downturn, the situation warrants close watch on various economic indicators including the impact of the economic stimulus and developments taking place in the international economy.

The Economic Survey, which is tabled by the Finance Minister before the presentation of the Budget, provides the government's assessment of the economy, outlines the problems facing the country and suggests measures for dealing with them.

The Union Budget for 2009-10 will be presented by the Finance Minister Pranab Mukherjee in the Parliament on Monday, 6 July 2009.

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