<br/>The Economic Survey says that India will record around 8.5 per cent growth rate in the next fiscal and it will breach nine per cent in 2011-12. The survey points out that the Country can achieve double digit growth in the next four years, emerging as the fastest growing economy in the world. The Finance Minister, Mr Pranab Mukherjee today tabled the Economic Survey 2009-10 and Report of the 13th Finance Commission in the Lok Sabha. It points out that improvements in infrastructure and reform in governance are important to achieve high growth objective. The survey says higher growth rate coupled with targeted government interventions will raise the standard of living of the disadvantaged and eradicate poverty. Some of the interventions have already been started and some are on the agenda of the government.<br/><br/>Talking about the fiscal deficit, the survey maintains that it was pegged at 6.5 per cent of the GDP in the budget for the current financial year mainly due to the fiscal stimulus. The deficit is expected to reduce to 5.5 per cent of the GDP in the coming fiscal and to 4 per cent in 2011-12.<br/><br/>The survey says due to supply side bottlenecks, the prices of food articles have risen. However, the inflation in some of the commodities like wheat and rice in which ample stock is available could have been better managed. The survey maintains, India can not be immune to global price situations specially when a significant portion of our requirements of edible oils, pulses and sugar in the years of shortage is met through imports. It warns if steps are not taken to control the inflation of food products, it may result in increase in prices across the board. Pointing out that international crude prices almost doubled, the survey says it may not be viable for long from the fiscal side to hold its impact on oil prices in the country, but adds at the same time that any increase in their prices will have impact on inflation levels.<br/><br/>The survey says that agriculture sector which suffered due to scant monsoon is gradually coming back to the projected path. The production in the Kharif season has come down from estimated 125.15 million tonnes to 98.83 million tonnes.<br/><br/>Exports have recorded an impressive growth in the last three months till January and services particularly railway, transport, power and telecommunication have shown remarkable turn around in the second quarter. It maintains rates of savings and investments have reached to a very high level and they are likely to rise further. The survey says capital market conditions are encouraging with improvement in capital flows and business sentiments. The manufacturing sector has shown buoyancy in recent months and recorded 9.2 per cent growth in the second quarter. The growth rate index of industrial production in December 2009 touched 16.8 per cent. The Survey says there is also a substantial pickup in corporate earnings and profit margins.<br/><br/>Painting the picture of other economic sectors, the survey says that net invisible surplus stood lower at 39.6 billion US dollars during April to September 2009 as compared to 48.5 billion US dollar in the same period in 2008. The survey says that the foreign exchange reserves increased by 31.5 billion US dollars taking them to 283.5 billion dollars by December this year.<br/>