The Economic Survey for the year 2006-07 presented by the Finance Minister in the parliament provides a growth rate of 9.2 percent for the year 2006-07.
The growth rate of agriculture sector is estimated at 2.7 per cent for the year. Among the various sectors of the economy, the services sector experienced a faster rate of growth. The industries sector of the country’s economy has also experienced a healthy rate of growth. Overall macro economic indicators of the country’s economy has experienced a robust growth rate as to the economic survey 2006-07.
The impressive services sector of the country’s economy was mainly led by the three sub-sectors of services- trade, hotels, transport and communication. The financial services sector constituting banking, insurance, real estate and business services experienced a faster rate of growth.
The growth rate of industrial sector was 10.6 per cent in the first nine months of the year 2006-07. The contribution of industrial sector to the total GDP has followed a declining trend in the recent years. However the faster rising investments has positively affected to the industrial performance.
Apart from this, the economic survey largely emphasized on present prices level. Present inflation level in the country’s economy has become a major concern. The Economic Survey says a rate of 3.98 per cent of inflation rate in the year 2006-07.
The Economic Survey 2006-07 has shown a growth of agriculture at only 2.7 per cent. Due to lower investments, imbalances in fertilizer use the agriculture sector performed poor.