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| In recent years India has made all-round rapid progress. The performance of the Indian economy in 2004-05 so far has exceeded expectations formed at the beginning of the year. According to the advance estimate of the Central Statistical Organisation (CSO) released on February 7, 2005, the economy is likely to grow 6.9 per cent in 2004-05. The economy has managed to maintain the growth momentum in spite of a deficient south-west monsoon, hardening international prices of oil and steel and, last but not least, its first recorded experience of tsunami which caused extensive damage to life and property in Andaman & Nicobar islands, 2,260 kms of coastline in Tamil Nadu, Kerala, Andhra Pradesh and Pondicherry. Despite a substantial rise in world oil prices, India's foreign exchange position remains comfortable. India's exports have grown by 25.6 per cent. Today India's foreign exchange reserves stand at about one hundred thirty billion US dollars. In spite of Fast advancement in several fields, India is still suffering from a large fiscal deficit which has risen to an alarming level. During the year 2004-05, the fiscal deficit at the Centre stood at a whopping sum of Rs. 1,51,144 crore, i.e. 4.4 per cent of the Gross Domestic Product (GDP). The revenue deficit amounted to Rs.95312 crore. The main reasons for this alarming fiscal deficit are: populist measures of the Central and State Governments, like subsidies on kerosene oil, diesel, petroleum, gas, fertilizers, power for agriculturists; large losses of public sector undertakings; interest payment on ever-increasing public debt; increase in salaries and pensions resulting from the recommendations of pay Commissions, etc. The book includes ten papers on different aspects of Indian Economy by thirteen experts from all over the country. It is hoped that the book would be found useful by the researchers and students of Economics, businessmen' government executives concerned with the formulation and execution of economic policies, parliamentarians and legislators, and the general readers interested in knowing the changes that are taking place in the Indian economy. |
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