Economy is poised to grow by nine percent in the next fiscal. It is expected to clock 8.6 percent growth in this financial year. The Economic Survey tabled in Parliament by the Finance Minister Mr. Pranab Mukherjee today says despite risks of global events like volatility in commodity prices and political turmoil in the West Asia, the economy is set to grow faster and scale greater heights. The Survey says that industrial output grew by 8.6 percent and manufacturing registered 9.1 percent growth. The Survey brings to the fore that exports had an impressive growth of 29.5 percent from April to December. The government gave a number of incentives to exporters for promoting exports besides hunting new markets in view of impact of economic meltdown in some European markets. The imports have also increased by 19 percent in the same period due to higher prices of crude oil and food grains. The Survey points out that the trade gap has narrowed to over 82 billion US dollars in the first nine months of the current fiscal. The gross fiscal deficit stands at 4.8 percent which is 1.5 percent less than last fiscal. This is mainly due to huge revenue received in 3G auction and continued disinvestment process. The Survey says the spending in social sector programmes has increased by five percent of the GDP over past five years. The higher allocation in social sector programmes was possible only by higher growth.The production of food grains is estimated at over 232 million tonnes with record production of wheat. Government took a series of measures in this area with conducive monsoon contributing to the agriculture sector growth. The Survey makes a strong case for a second green revolution with technological break through in agriculture sector. It also says that there is scope of further improvements in Mahatma Gandhi NAREGA for building permanent assets including infrastructure development.The Survey says that the inflation may be 1.5 percent higher than what it would be if India was not on growth path. The government and the Reserve Bank of India have taken a number of fiscal and monetary measures to keep it under check but due to demand supply gap and increase in vegetable prices particularly onions, the food inflation contributed to overall price situation.The Survey points out that forex reserves are estimated to be over 297 billion US dollars. This was mainly due to growth in export sector.Our correspondent reports that the Survey brings to the fore, that robust growth and steady fiscal consolidation are the hallmark of the Indian Economy and its fundamentals are strong. It says that the growth was possible due to rebound in agriculture and continued momentum in manufacturing and services. The Survey also says that Savings and Investments are going up and inflation has started falling.On the reform agenda the Survey calls for better convergence of schemes to avoid duplications and leakage and to ensure benefits reach to the targeted groups. It also advocates for urgent need to streamline land acquisition and environment clearance for infrastructure projects and huge capacity addition in this vital sector in a time bound manner. The Survey calls for building managerial and technical capabilities of executing agencies and setting up of a National Forest land bank.Strongly pleading for a new goods and services tax, the Survey also points out for increasing private public partnerships in infrastructure sector. This will help attract more foreign direct investment and put the growth path on higher trajectory.