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{tab=Indian Economy Overview}
Indian Economy

Indian Economy has been witnessing a phenomenal growth since the last decade. After seeing a growth rate in excess of 9 per cent for the last 3 Years, it is still holding its ground in the midst of the current global financial crisis.

Pegging India’s growth rate in the current Year at between 7 and 8 per cent economists have reiterated that India would continue being the second fastest growing economy in the world despite the ongoing global economic slowdown.

Though the global financial crisis have affected the Indian equity and foreign exchange markets, the macroeconomic brunt of the meltdown is not much due to the overall strength of the domestic demand and the largely domestic nature of its investment financing. Further, according to the International Monetary Fund’s ( IMF ) prediction in October 2008, India is likely to grow at 7.8 per cent in 2008, and 6.3 per cent in 2009.

In spite of the global financial crisis, companies from developed economies such as Germany have shown confidence in India’s economic future and are interested in growing their business in the country. Showing faith in India’s robust future, around 94 per cent German companies plan to increase their businesses with the subcontinent. After the signing of the US – India civil nuclear deal, India will now be partnering several countries for nuclear fuel technology projects, and this will further boost the Indian Economy.

India and Russia signed 10 agreements in Dec 2008, including a pact on civil nuclear cooperation.

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The 2008 – 2009 Fiscal

  • In 2007 – 2008, India’s per capita income is estimated to be around US$ 740. Further, India’s per capita income is expected to increase to US$ 2,000 by 2016 – 2017 and US$ 4,000 by 2025. This growth rate will, consequently, propel India in to the middle – income category.
  • Foreign institutional investments ( FII ) in India became positive in November 2008, after net selling by them in September and October 2008 due to redemption pressures from abroad.
  • As per SEBI data, FIIs continued to flow into India with 120 new FIIs registering themselves during September and November 2008, since the global meltdown started in September.
  • Even though some FIIs had pulled out, many FIIs see long – term value in India. Moreover, during the same period, 358 new sub – accounts were registered, which was the highest within three months, in 2008.
  • In 2007 – 2008, India’s FDI touched US$ 25 billion, up 56 per cent against US$ 15.7 billion in 2006 – 2007.
  • FDI equity inflows between April – September 2008 were US$ 17.21 billion, a growth of 137 per cent over the same period last Year.
  • In the first half of the current fiscal, the money supply increased by 6.6 per cent against 8.2 per cent last Year ( from end of March 2008 end to end of September 2008 ).
  • The growth in the gross tax collection is was 25 per cent till September 2008, against 24.5 per cent in September 2007.
  • Total foreign investment inflow during the first half of 2008 – 2009 was US$ 13.8 billion in September 2008.
  • Exports during 2007 – 2008 grew by 23.02 per cent to total US$ 155.51 billion as against US$ 126.41 billion in the corresponding period last Year.
  • The cumulative value of exports for the period between April – September, 2008 was US$ 94973 million compared to US$ 72556 million.

The Rural India Growth Story

The Indian growth story is spreading to the rural and semi – urban areas as well. In 2008 the rural market has grown at an impressive rate of 25 per cent compared to the 7 – 10 per cent growth rate of the urban consumer retail market.

Further, the rural market will grow to a potential of US$ 1.9 billion by 2015 from the current US$ 487 million.

The rural India success story is being replicated across a range of sectors in the rural markets. After several global corporations like Microsoft
, Intel, and Shell, many other major multinational companies ( MNCs ) and domestic players are keen to foray into the rural Indian market to capitalize on its growing opportunities.

Advantage India

  • According to the World Fact Book, India is among the world’s youngest nations with a median age of 25 Years as compared to 43 in Japan and 36 in USA of the BRIC – Brazil, Russia, India and China – countries, India is projected to stay the youngest with its working – age population estimated to rise to 70 per cent of the total demographic by 2030 – the largest in the world. India will see 70 million new entrants to its workforce over the next 5 Years.
  • India has the second largest area of arable land in the world, making it one of the world’s largest food producers – over 200 million tonnes of food grains are produced annually.
  • India is the world’s largest producer of milk ( 100 million tonnes per annum ), sugarcane ( 315 million tonnes per annum ) and tea ( 930 million kg per annum ) and the second largest producer of rice, fruit and vegetables.
  • With the largest number of listed companies – 10,000 across 23 Stock Exchanges
    , India has the third largest investor base in the world.
  • India’s healthy banking system with a network of 70,000 branches is among the largest in the world. In June 2007, the aggregate deposits of commercial banks were about US$ 445 billion ( 50 per cent of GDP ) and the total bank credit stood at US$ 320 billion ( 36 per cent of GDP ).
  • NPA ( non – performing assets ) levels of banks in India are under 3 per cent, one of the lowest among emerging nations.
  • According to a study, India’s consumer market will be the worlds fifth largest ( from twelfth ) in the world by 2025 and India’s middle class will swell by over ten times from its current size of 50 million to 583 million people by 2025.

Growth Potential of India

  • Special Economic Zones
    ( SEZs ) are set to see major investments after the straightening out of certain regulatory tangles. India has approved 513 SEZs till August 2008, of which 250 have been notified.
  • Investments are expected to cross US$ 45.73 billion by December 2009, providing incremental employment to 800,000 people.
  • India’s telecom services industry revenues are projected to reach US$ 54 billion in 2012, up from US$ 31 billion in 2008.
  • India saw a 23 per cent increase in IP ( Internet Protocol ) addresses with 2.6 million connections in the third – quarter ended September 2008.
  • The government is planning to set up a special corpus of around US$ 10.48 billion for infrastructure projects.
  • The retail business in India is expected to grow at 13 per cent annually from US$ 322 billion in 2006 – 2007 to US$ 590 billion in 2011 – 2012.
  • The unorganized Indian retail sector is expected to grow at about 10 percent per annum to reach US$ 496 billion in 2011 – 2012.
  • India is likely to emerge as the next global hub for innovation and join the club of developed nations, with the country aiming to increase its research and development ( R&D ) expenditure in the coming Years.

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  • India is targeting to increase its R&D spend to two per cent of the GDP by 2012 under the 11th Five Year Plan, from less than one per cent earlier.
  • Corporate India registered US$ 3.4 billion as mergers and acquisitions ( M&As ) during November 2008, as against US$ 850 million in November 2007. The figure stood at US$ 2.13 billion in October 2008.

Future Perfect

The Planning Commission has ruled out any changes in the average 9 per cent gross domestic product growth target of the 11th Five Year Plan, although there might be ‘some significant reduction in growth’ in 2009 as a result of the global financial crisis.

India offers huge investment opportunities in various sectors and investments are likely to pour into these sunshine sectors :

  • The realty sector is likely to increase at the rate of 30 per cent annually during the next 10 Years, drawing US$ 30 billion as foreign investment.
  • The Indian IT market is projected to see 18 per cent growth in 2008, touching US$ 38 billion.
  • According to a McKinsey study, “The market size for the food consumption category in India is expected to grow from US$ 155 billion in 2005 to US$ 344 billion in 2025 at a compound annual growth rate of 4.1 percent”.
  • According to the India Retail Report 2009, the Indian retail industry is likely to touch US$ 390.68 billion by 2010.
  • The Indian pharmaceutical industry is projected to grow to US$ 25 billion by 2010 whereas the domestic market is likely to more than triple to US$ 20 billion by 2015 from the current US$ 6 billion to become one of the leading pharmaceutical markets in the next decade.
  • Agricultural production is likely to increase significantly during fiscal Year 2009. Centre for Monitoring Indian Economy ( CMIE ) has projected a growth of 3.2 per cent during fiscal Year 2009, for the GDP of agriculture and allied sectors.
  • This would be the fourth straight Year of positive growth in agricultural production, with the first 3 Years clocking an average growth of 5.5 per cent. The allied sectors comprising livestock, forestry and logging, and fishing are likely to see a growth of 4.8 per cent during fiscal Year 2009.

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Trade Relations of India

India’s trade relations with several countries have received an impetus with the numerous bilateral pacts and trade agreements signed recently.

  • The government is likely to sign a free trade agreement ( FTA ) with the Association of Southeast Asian Nations ( ASEAN ).
  • With lower tariff barriers, trade between India and ASEAN is expected to increase significantly from the present US$ 28 billion annually.
  • India – African bilateral trade is projected to grow by over nine times from US$ 26 billion now to US$ 150 billion by 2012, according to an estimate by a leading business chamber.
  • Spain, which has a strong industrial base in the automotive and infrastructure sectors, has witnessed a five – fold increase in its investments in India in 2008.
  • Spanish investment in India in the first three quarters of 2008 calendar Year was US$ 158 million ( or 114 million euros ) – an increase of 500 per cent from the previous Year.
  • India has emerged as Dubai’s second biggest trading partner during the first nine months of 2008 with imports from India worth US$ 10 billion and re – exports to India worth US$ 8 billion.
  • India and Turkey aim to double bilateral trade to US$ 6 billion by 2010.
  • India and Singapore will be signing an agreement on IP rights’ cooperation. Singapore ranks fourth in terms of FDI in India during the period 1991 – 2008.
  • India and Syria have signed a revised double taxation avoidance agreement for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income.
  • The bilateral trade between UK and India has touched US$ 17.44 billion in 2007 – 2008. India’s economic ties with the UK are also through the 52 listed companies with a combined market capitalization of US$ 15.71 billion on the London Stock Exchange. In 2007 – 2008, Indian firms invested in 1,573 projects in the UK.
  • India and Canada have set off ten joint initiatives worth US$ 17 million in the field of science and technology, and next – generation research.
  • India has become the 10th largest trading partner of Australia, with bilateral investment touching US$ 2 billion.
  • Non – Oil Bilateral trade between India and Oman in the first quarter of 2008 registered an impressive growth of 35 – 40 per cent.
  • Italy is looking forward to widening business opportunities in India, especially in West Bengal. Bilateral trade between the two countries added up US$ 100 million in 2007.

{tab=Five Year Planning}

Indian Economy

Indian economy which has witnessed more than 9% growth in the last 3 consecutive years, has shown a decadal growth of 7%+. This recovery has reduced the Poverty in India, by 10% but as about 65% of India’s 121 crore population depend upon agriculture which in turn is subjected to vagaries of monsoon, poverty alleviation is still a challenging task for our planners. Though India embarked on a planning economy as early as 1951 and thus now is in the last phase of 11th five year plan, Indian economy is to the studied on the background of economic policies adopted by various governments since 1952. Our economic policy spans between Nehruvian socialism of 50s and 60s and today’s ‘Equitable Capitalism’ which allows considerable foreign equity and investment in our land. The present policy has transformed Indian economy from a colonial agrarian economy into a modern industrialised economy.

By nominal value, India’s is 9th largest economy, but 4th largest in terms of purchasing power. After liberalisation in 1990s, the growth has been rapid, and with its vast

resources, large market and vast young knowledgeable human resources, India will be one of the leading economies of the world in 2020. Though there was a slight setback in 2009 due to global recession, India’s recovery has been smart. After Independence, India modelled its planning on Russian 7 Year Plans. Nehru, the first Prime Minister, endeavoured to establish a socialistic pattern of society and as a result major sectors were reserved to government undertakings. License Raj was followed until 1990. Even the private sectors such as banks and insurance were nationalised. Then came the concepts of ‘mixed economy’ and ‘joint sector’. In the late 80’s when Rajiv Gandhi became the Prime Minister of India, price controls were removed and corporate taxes were reduced.

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India saw its rate of growth. But the sudden collapse of Soviet Union which was India’s major trading partner, the gulf war and consequent oil crisis, made India default in payment of external loans. India took 1.8 billion dollar loan from IMF which in turn demanded reforms. Liberalisation followed under the Prime Ministership of RV. Narasimha Rao with Dr. Manmohan Singh as Finance Minister after the death of Rajiv Gandhi, since 1991. Since then India’s emergence as one of the world’s strongest fast growing economies made India purchase 200 tons of gold for 6.7 billion dollars from IMF in the year 2000.

Five Year Planning

Though planned economy was in operation even before independence, it was only in March, 1950, the Government of India set up a ‘Planning Commission’, to prepare plan for the most effective and balanced utilisation of the country’s resources. Planning in India derives its objectives and social promises from Directive Principles of State Policy enshrined in the Constitution. While documenting the schedules of the planning so many uncertainties may have to be dealt with, hence, delay in finalising a plan document, is inevitable. The Planning Commission members are generally, experts in different aspects of the economy without any political affiliation, and as such, are to plan on the basis of the resources in sight for achieving the socio – economic objectives defined by the party in power.

The Prime Minister of India, Dr. Manmohan Singh is the Chairman of the Planning Commission and Mr. Montek Singh Ahluwalia, Deputy Chairman of Planning Commission; Members of the Planning Commission include. Mr. A.K. Antony, Minister of Defence; Mr. Pranab Mukherjee, Minister of Finance, Mr. Sharad Pawar, Minister of Agriculture and Food Processing Industries, Mr. R Chidambaram, Minister of Home Affairs, Mr. Dinesh Trivedi, Minister of Railways, Mr. Ghulam Nabi Azad, Minister of Health & Family Welfare, Mr. Kamal Nath, Minister of Urban Development, M.K. Alagiri, Minister of Chemicals & Fertilizers, Mr. Kapil Sibal, Minister of Human Resource Development, Mr. Ashwani Kumar, Minister of State for Planning, Science & Technology and Earth Science.

Note : Revised composition of the Planning Commission as on 1st september, 2011.

Functions of Planning Commission

  • Make an assessment of the material, capital and human resources of the country, including technical personnel, and investigate the possibilities of augmenting such of these resources as are found to be deficient in relation to the nation’s requirement.
  • Formulate a Plan for the most effective and balanced utilisation of country’s resources.
  • On a determination of priorities, define the stages in which the Plan should be carried out and propose the allocation of resources for the due completion of each stage.
  • Indicate the factors which are tending to retard economic development, and determine the conditions which, in view of the current social and political situation, should be established for the successful execution of the Plan.
  • Determine the nature of the machinery which will be necessary for securing the successful implementation of each stage of the Plan in all its aspects.
  • Appraise from time to time the progress achieved in the execution of each stage of the Plan and recommend the adjustments of policy and measures that such appraisal may show to the necessary.
  • Make such interim or ancillary recommendations as appear to it to be appropriate either for facilitating the discharge of the duties assigned to it, or on a consideration of prevailing economic conditions, current policies, measures and development programs or on an examination of such specific problems as may be referred to it for advice by Central or State Governments.

First Plan ( 1951 – 1956 ) : It had a two fold objective to correct the disequilibrium in the economy caused by Second World War and partition of the country and to initiate simultaneously a process of all – round balanced development, which would ensure a rising national income and a steady improvement in the living standards over a period of time. Since the country had to import food grains on a large scale in 1951 and there were inflationary pressures in the economy, the plan accorded the highest priority to agriculture, including irrigation and power projects. About 44.6 per cent of the total outlay of ₹ 2,069 crore in the public sector ( later raised to ₹ 2,378 crore ) was allotted for its development. The plan also aimed at increasing the rate of investment from five per cent to about seven per cent of the national income.

Second Plan ( 1956 – 1961 ) : It therefore sought to promote a pattern of development which would ultimately lead to the establishment of a socialistic pattern of society in India.

The main aims of the Second Plan were :

  • An increase of 25 per cent in the national income.
  • Rapid industrialisation with particular emphasis on the development of basic and heavy industries.
  • Large expansion of employment opportunities.
  • Reduction of inequalities in income and wealth and a more even distribution of economic power. The Plan also aimed at increasing the rate of investment from about seven per cent of the national income to 11 per cent by 1960 – 61.

The Plan laid special stress on industrialisation, increased production of iron and steel, heavy chemicals including nitrogenous fertilizers and development of heavy engineering and machine building industry.

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Third Plan ( 1961 – 1966 ) : It aimed at securing a marked advance towards self – sustaining growth.

Its immediate objectives were to :

  • Secure an increase in the national income of over five per cent per annum and at the same time ensure a pattern of investment which could sustain this rate of growth during subsequent plan periods.
  • Achieve self – sufficiency in foodgrains and increase agricultural production to meet the requirement of industry and exports.
  • Basic industries like steel, chemicals, fuel and to establish machine – building capacity, so that the requirements of further industrialisation could be met within a period of 10 years or so, mainly from the country’s own resources.
  • Utilise fully the manpower resources of the country and ensure a substantial expansion in employment opportunity.
  • Establish progressively greater equality of opportunity and bring about reduction in disparities of income and wealth and a more even distribution of economic power.

The Plan aimed at increasing the national income by about 30 per cent from ₹ 4,500 crore in 1960 – 61 to about ₹ 19,000 crore by 1965 – 66 ( at 1960 – 61 prices ) and per capita income by about 17 per cent from ₹ 330 to ₹ 385 during the same period.

{tab=Annual Plans}

Annual Plans ( 1966 – 1969 ) : The situation created by the Indo – Pakistan conflict in i965, two successive years of severe drought, introduction of green revolution, devaluation of the currency, general rise in prices and erosion of resources available for plan purpose, delayed finalisation of the Fourth Five Year Plan. Instead, between 1966 and 1969, three Annual Plans were formulated within the framework of the Draft Outline of the Fourth Plan.

Fourth Plan ( 1969 – 1974 ) : It aimed at accelerating the tempo of development and reducing fluctuations in agricultural production as well as the impact of uncertainties of foreign aid. It aimed at raising the standard of living of the people through programs which were designed to promote equality and social justice. The Plan laid particular emphasis on improving the condition of the less privileged and weaker sections of the society especially through the provision of employment and education. Efforts were also directed towards reduction of concentration and a wider diffusion of wealth, income and economic power. The Plan aimed at increasing the net domestic product ( at 1968 – 69 factor cost ) from ₹ 29,071 crore in 1969 – 70 to ₹ 38,306 crore in 1973 – 74. The average annual compound rate of growth envisaged was 5.7 per cent.

Fifth Plan ( 1974 – 1979 ) : It was formulated at a time when the economy was facing severe inflationary pressures. The major objectives of the Plan were to achieve self – reliance and to adopt measures for raising the consumption standards of the people living below the poverty line. The Plan also gave high priority of bringing inflation under control and to achieve stability in the economic situation. It was subsequently decided to end the Fifth Plan with the close of the Annual Plan, 1978 – 79 and to initiate work for a new plan for the next five years with new priorities and programs.

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Sixth Plan ( 1980 – 1985 ) : It had been formulated after taking into account the achievements and shortcomings of the past three decades of planning. Eradication of poverty has been the foremost objective of the Plan even though it was recognised that the task of such magnitude could not be accomplished in a short period of five years. The Sixth Plan actual expenditure stood at ₹ 1,09,291.7 crore ( current prices ) as against the envisaged total public sector outlay of ₹ 97,500 crore ( 1979 – 80 prices ) accounting for a 12 per cent increase in nominal terms. The average annual growth rate for the Sixth Plan was 5.26 per cent.

Seventh Plan ( 1985 – 1990 ) : The total expenditure during the entire Seventh Plan stood at ₹ 2,18,729.62 crore ( current prices ) as against the envisaged total public sector outlay of ₹ 180,000 ended with an average rate of growth of the Gross Domestic Product ( GDP ) at 5.6 per cent per annum, which was well above the targeted rate of 5 per cent. To reduce unemployment and the incidence of poverty ‘Jawahar Rojgar Vojana’ scheme launched. The final year of the Seventh Plan saw the growth of national income by 4% largely contributed by the secondary manufacturing and service sectors. The annual average growth of the Seventh Plan had been put at 5.3% almost equalling the growth rate of the Sixth Plan.

Eighth Plan ( 1992 – 1997 ) : It was launched after the initiation of structural adjustment policies and macro stabilisation policies which were necessitated by the inflation position and the worsening Balance of Payments position during 1990 – 91. The Plan aimed at an average annual growth rate of 5.6 per cent and an average industrial growth rate of about 7.5 per cent.

Salient features of economic performance during the Eighth Plan indicate :

  • Faster economic growth.
  • Faster growth of manufacturing sector and agriculture and allied sector.
  • Significant growth rates in exports and imports, improvement in trade and current account deficit, and significant reduction in the Central Government’s fiscal deficit. The total expenditure during the entire Plan stood at ₹ 4,95,669 crore at current prices as against envisaged total public sector outlay of ₹ 4,34,100 crore ( 1991 – 92 prices ) resulting in a 14.2 per cent in nominal terms. During the Plan, the GDP grew at an average rate of 6.8 per cent exceeding the targeted growth rate of 5.6 per cent.

Ninth Plan ( 1997 – 2002 ) : It was launched in the fiftieth year of India’s Independence. The Approach Paper was approved unanimously by the National Development Council. The salient features of the Approach Paper were :

  • A targeted GDP growth rate of 7 per cent per annum for the Ninth Plan period.
  • Emphasis on the seven identified Basic Minimum Services ( BMS ) with additional Central Assistance earmarked for the basic amenities of the people with a view to obtaining a complete coverage of the population in a time bound manner.

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The specific objectives of the Ninth Plan as endorsed by the National Development Council in its 48th Meeting are :

  • Priority to agriculture and rural development.
  • Accelerating the growth rate of the economy with stable prices.
  • Ensuring food and nutritional security for all.
  • Providing the basic minimum services.
  • Containing the growth rate of population.
  • Ensuring environmental sustainability of the development process.
  • Empowerment of women and socially disadvantaged groups.
  • Promoting and developing people’s participatory institutions like Panchayati Raj institutions, co – operatives and self – help groups.
  • Strengthening efforts to build self – reliance.

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The Ninth Plan envisaged an average target growth rate of 6.5 per cent per annum in GDP as against the growth rate of 7 per cent approved earlier in the Approach Paper. During 1997 – 98, the first year of the Ninth Five Year Plan there was a slow down in the growth rate of Indian economy to 4.8 per cent. In the second year and third year of the Plan, the economy grew by about 6.6 and 6.4 per cent respectively. The growth rate on an average is to be 5.5% per annum.

Achievements : During the period from 1950 – 51 to 2002 – 03, the National Income – Net National Product ( NNP ) has increased 8.7 times from ₹ 1,32,367 crore to ₹ 11,56,714 crore ( at 1993 – 94 prices ) implying a compound growth rate of 4.2 per cent per annum. The per capita income has increased 3 times from ₹ 3,687 to ₹ 10,964 ( at 1993 – 94 prices ) registering a compound growth rate of 2.1 per cent – all the aggregates measured at factor – cost at 1993 – 94 prices.

Tenth Five Year Plan

The Tenth Five Year Plan ( 2002 – 07 ) : It was approved by the National Development Council on 21 December 2002. The Plan has further developed the NDC Mandated objectives of doubling per capita income in ten years and achieving a growth rate of eight per cent of GDP per annum. Reduction in poverty ratio from 26 per cent to 21 per cent, in 2007; Decadal Population Growth to reduce from 21.3 per cent in 1991 – 2001 to 16.2 per cent in 2001 – 11; Growth in gainful employment to, at least, keep pace with addition to the labour force; All children to complete 5 years of schooling in 2007; Reducing gender gaps in literacy and wage rates by 50 per cent; Literacy Rate increased from 65 per cent in 2000, to 75 per cent in 2007; Providing potable drinking water in all villages; Infant Mortality Rate to be reduced from 72 in 1999 – 2000, to 45 in 2007; Maternal Mortality Ratio be reduced from four in 1999 – 2000, to two in 2007; Increase in Forest / Tree Cover from 19 per cent in 1999 – 2000, to 25 per cent in 2007; and Cleaning of major polluted river stretches are the major objectives.

The Tenth Plan had a number of new features, that included, among others, the following : Firstly, the Plan recognised the rapid growth in the labour force over the next decade. Secondly, the Plan addressed the issue of Poverty and the unacceptably low levels of social indicators. Thirdly, since national targets did not necessarily translate into balanced regional development and the potential and constraints of each State differred vastly, the Tenth Plan had adopted a differential development strategy. It was also for the first time that statewise growth and other monitorable targets had been worked out in consultation with the States. This enabled the States to better focus their own development plans. Another feauture of this Plan was the recognition that Governance was perhaps one of the most important factors for ensuring that the Plan is realised, as envisaged.

Finally, considering the present market – oriented economy, the Tenth Plan had dwelt at length about the policies that would be necessary and the design of key institutions. The Tenth Plan not only included a carefully crafted medium term macro – economic policy stance, both for the Centre and the States, but also lays out the policy and institutional reforms that were required for each sector.

{tab=11th Five Year Plan}

11th Five Year Plan

11th Five Year Plan ( 2007 – 2012 ) : The basic theme of this plan period is “inclusive growth”. The NDC approved the 11th plan in December 2007 with the following highlights. The eleventh plan has the following objectives :

Income & Poverty :

  • Accelerate GDP growth from 8% to 10% and then maintain at 10% in the 12th plan in order to double per capita income by 2016 – 17.
  • ₹ 36,44,000 lakh crores ( $ 910 billion ) is the investment gross budgetary support ( GBS ) is ₹14,21,711 crore, double of the last plan.
  • Increase agricultural GDP growth rate to 4% per year to ensure broad – based development.
  • Create 70 million new work opportunities.
  • Reduce educated unemployment to below 5%.
  • Raise real wage rate of unskilled workers by 20 per cent.
  • Reduce poverty by 10 per centage points.
  • industrial and services sector growth to 9 – 11 per cent.
  • investment rate to be at 36.7 per cent.

Education :

  • Reduce dropout rates of children from elementary school from 52.2% in 2003 – 04 to 20% by 2011 – 12.
  • Develop minimum standards of educational attainment in elementary school, and by regular testing monitor effectiveness of education to ensure quality.

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  • Increase literacy rate for persons of age 7 years or more to 85%.
  • Lower gender gap in literacy to 10 per centage points.

Health :

  • Reduce infant mortality rate to 28 and maternal mortality ratio to 1 per 1000 live births.
  • Reduce Total Fertility Rate to 2.1.
  • Provided clean drinking water for all by 2009 and ensure that there are no slip – backs.
  • Reduce malnutrition among children of age group 0 – 3 to half its present level.
  • Reduce anemia among women and girls by 50% by the end of the plan.

Women and Children :

  • Raise the sex ratio for age group 0 – 6 to 935 by 2011 – 12 and to 950 by 2016 – 17.
  • Ensure that at least 33 per cent of the direct and indirect beneficiaries of all government schemes are women and girl childreri.

Important Statistical Details :

  • Annual 8 per cent GDP growth during 2002 – 07.
  • Annual FDI flows of $7.5 billion.
  • Divestment target of ₹ 78,000 crore in five years.
  • Public sector outlay at ₹ 15,92,300 crore.
  • Central plan outlay at ₹ 9,21,291 crore.
  • States and UT outlay at ₹ 6,71,009 crore.
  • Central Budgetary support ( gross budgetary support ) at ₹ 7,06,000 crore.
  • Incremental capital – output ratio at 3.6
  • Investment rate of 28.4 per cent of GDP.
  • Domestic savings rate of 26.8 percent of GDP.
  • Increase in tax – GDP ratio to 10.3 per cent by 2007.
  • Ensure that all children enjoy a safe childhood, without any compulsion to work.

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Infrastructure :

  • Ensure electricity connection to all villages and BPI households by 2009 and round – the – clock power.
  • Ensure all – weather road connection to all habitation with population 1000 and above ( 500 in hilly and tribal areas ) by 2009, and ensure coverage of all significant habitation by 2015.
  • Connect every village by telephone by November 2007 and provide broadband connectivity to all villages by 2012.
  • Provide homestead sites to all by 2012 and step up the pace of house construction for rural poor to cover all the poor by 2016 – 17
  • Increase forest and tree cover by 5 per centage points.
  • Attain WHO standards of air quality in all major cities by 2011 – 12.
  • Treat all urban waste water by 2011 – 12 to clean river waters.
  • Increase energy efficiency by 20 per centage Points 2016 – 17

National Advisory Council ( NAC ) :

The Union Cabinet set up the National Advisory Council ( NAC ) to monitor the implementation of the ruling UPAs CMP The 20 – member NAC headed by INC President, Smt. Sonia Gandhi, not only monitors implementation, but also provides inputs for the formulation of policy by the government. It also provides support to the government in its legislative business.

{tab=12th Five Year Plan}
12th Five Year Plan

12th Five Year Plan ( 2012 – 2017 ) : India sees 9% GDP growth target for 12th Five Year Plan
The Approach paper which is to be approved by full planning Commission headed by Prime Minister Manmohan Singh will strive to achieve average 9 per cent growth during the five – year period and lay emphasis on infrastructure, agriculture,power, health and education. To sustain 9 per cent growth, India needed to achieve a 4 per cent growth in agriculture. Our average growth in agriculture was 2 per cent during the 10th plan, which i improved to 3 per cent in the 11th plan though we had targeted 4 per cent.

Agriculture growth is key to eradicating poverty and the one per cent increase in farm growth will ensure two to three times improvement in poverty eradication. Achieving 8.5 – 9 per cent growth in the next 20 years will bring down poverty to a mere 5 per cent of the population. India’s energy sector needed to grow at an average 6 per cent and toning up of the functioning of state electricity board is important. Urbanization, energy, water management, land problem, transparent land acquisition policy, environment – friendly growth and implementation are the challenges to be faced during the 12th plan.

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Events
Dates
1.
Date of notification
14th June, 2012
2.
Last date of receiving of Eternal University admission application form by post
03rd July, 2012
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Last date of receiving of Eternal University admission application online
05th July, 2012
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Issuing of Admit card
07th July, 2012
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Date of Entrance Examination
08th July, 2012
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Tentative date of declaration of result
15th July, 2012
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Date of issuance of merit list
20th July, 2012
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Date of 1st round of counselling
25th July, 2012
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01st August, 2012
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Date of 2nd round of counselling
06th August, 2012
11.
Last date of joining the college after 2nd round of counselling
09th August, 2012
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Commencement of Academic Session
10th August, 2012
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30th September, 2012

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