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FM statement on Economic Survey in the Parliament House
Feb '08
Following is the text of the statement made to the media by Finance Minister, Shri P. Chidambaram after placing Economic Survey in the Parliament House:-
The economy has decisively moved to a higher growth trajectory during the five years to 2007-08. In terms of GDP, the growth rate has averaged 8.7 per cent per annum during these five years.

This indicates stability and sustainability. The growth is reflected in a near doubling of the pace at which the average income of our people is growing.

If the rate of growth of per capita GDPmp continues at the five year average of 7.2 per cent per year, average income would now double in a decade instead of a generation or more, earlier.

The acceleration in improvement of the condition of the common man is also reflected in a near doubling of the rate of growth of per capita private consumption to 5.1 per cent per annum (from 2.6 per cent in the previous 11 years).

With better targeting of government services and an increase in their quality we can ensure that the overall welfare of the common man in terms of both private consumption and supply of public goods continues to increase rapidly.

The higher economic growth trajectory and the projected growth of 8.7 per cent in 2007-08 is based on a quantum jump in savings and investment rates. The rate of investment (GCF) was 35.9 per cent of GDP in 2006-07 and is projected to increase in 2007-08.

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Press Information Bureau Government of India

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