Economy has moved decisively to higher growth (The Hindu Business Line 29th Feb 2008)Optimism on growth laced with caution on the inflation and external sector fronts. This, in essence, is the outlook conveyed in the Economic Survey tabled in Parliament ahead of the Finance Minister, Mr P. Chidambaram, presenting his Union Budget for 2008-09 on Friday. “The economy has moved decisively to a higher growth phase,” the Finance Ministry’s annual report card on the Indian economy has declared. With the country’s gross domestic product (at constant market prices) growing at eight per cent plus for an unprecedented five years in a row — 8.4 per cent in 2003-04, 8.3 per cent in 2004-05, 9.2 per cent in 2005-06, 9.7 per cent in 2006-07 and a projected 8.7 per cent this fiscal — the average per capita income of its people has risen by 7.2 per cent per annum during this period. This is against 3.1 per cent over the 12 years from 1980-81 to 1991-02 and 3.7 per cent during the subsequent 11 years t...
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