�� While manufacturing sector recorded growth of 9.5 per cent per annum in the

period 2004-05 to 2007-08, communication and construction sectors grew at the

rate of 26 per cent and 13.5 per cent per annum respectively.

�� Exports grew at an annual average growth rate of 26.4 per cent in US dollar terms

in the period 2004-05 to 2007-08. Foreign trade increased from 23.7 per cent of

GDP in 2003-04 to 35.5 per cent in 2007-08.

OUTLOOK FOR THE YEAR 2008-09

�� Despite the global financial crisis which began in 2007 impacting most emerging

market economies, 7.1 per cent rate of GDP growth in the current year makes India

the second fastest growing economy in the world.

�� Fallout of global slowdown on Indian economy were countered with fiscal stimulus

packages announced on December 7, 2008 and January 2, 2009 providing tax relief

to boost demand and increasing expenditure on public projects.

�� Government accorded approval to 37 infrastructure projects worth Rs.70,000 crore from August, 2008 to January, 2009 alone.

�� Under PPP mode, 54 Central Sector infrastructure projects with a project cost of

Rs.67,700 crore given in-principal or final approval and 23 projects amounting to

Rs.27,900 crore approved for viability gap funding in 2008-09.