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1 According to the IMF's World Economic Outlook, April 2011, India had the highest growth rate of 10.4% in 2010, followed by China at 10.3%, while world output grew at 5%. For 2011, the IMF has estimated India's growth at 8.2%, while global growth is projected at 4.4%.

2 World Bank: World Development Indicators Database; April 2011.

3 India: Economic Survey 2010‑11; Chapter 10: Services Sector.

4 Economic Survey 2010‑11; Chapter 1: State of the Economy and Prospects.

5 India: Economic Survey 2010‑11; Statistical Appendix, Table 7.3 (B).

6 United Arab Emirates, China, United States, Kingdom of Saudi Arabia, Germany, Switzerland, Singapore, Australia, Iran, Hong Kong, China, Republic of Korea, Indonesia, United Kingdom, Japan, and Belgium.

7 India: Economic Survey 2010‑11; Chapter 7: International Trade.

8 Ibid.

9 Ibid.

10 India: Economic Survey 2010‑11; Chapter 9: Industry.

11 RBI: Monthly Bulletin, May 2011. According to RBI estimates total outbound investment from India is expected to cross US$43 billion during the financial year (April 2010–March 2011).

12 2011 Census results were not finalized, when this report was written.

13 India: Economic Survey 2010‑11; Chapter 11: Energy, Infrastructure and Communications.

14 India: Economic Survey 2007‑08, Chapter 10: Social Sectors.

15 India: Economic Survey 2010‑11; Chapter 12: Human Development, Equity and Environment.

16 "Frugal innovation" produces more "frugal cost" products and services that are affordable by people at low levels of income without compromising the safety, efficiency, and utility of the products (Mid‑Term Appraisal of 11th Five Year Plan 2007‑12, Planning Commission, Government of India).

17 Wholesale price index.

18 Reserve Bank of India: Macro and Monetary Developments in 2010‑11; May 2011; Chapter VI: Price Situation.

19 Mid‑Term Appraisal of the 11th Five Year Plan (2007‑12).

20 Reserve Bank of India: Annual Report, 2009‑10; Chapter II: Economic Review.

21 Economic Survey 2010‑11.

22 India: Economic Survey, 2010‑11; Chapter 8: Agriculture and Food Management.

23 Ibid.

24 Gross capital formation in the agriculture sector has remained low: 2.2 to 3% of GDP during 2004‑05 to 2009‑10.

25 India: Economic Survey, 2010‑11; Chapter 3: Fiscal Developments and Public Finance. Also available at http://indiabudget.nic.in/.

26 GST will subsume many taxes levied at the Centre, including excise duty, additional excise duties, excise duty levied under the Medicinal and Toilet Preparations (Excise Duties) Act 1955, service tax, additional customs duty, special additional duty, central surcharges and cesses (excluding those applicable to income tax). At the state level, it will subsume state value added tax/sales tax, entertainment tax (unless levied by local bodies), luxury tax, taxes on lottery, betting and gambling, taxes on advertisements, state cesses and surcharges and entry tax, not levied by local bodies.

27 Reserve Bank of India: Financial Stability Report, March 2010.

28 Economic Survey, 2010‑11, Chapter 5: Financial Intermediation and Markets.

29 Except in sectors like retail trading (except single brand product retailing), atomic energy, lottery business, gambling and betting, business chit fund, Nidhi companies, trading in transferable development rights (TDR) and activities/sectors not opened to private sector investment.

30 The consolidated circular on FDI Policy is available at DIPP's website http://dipp.nic.in/.

31 Annual Report 2010‑11, Ministry of Micro, Small and Medium Enterprises, Government of India. It is estimated that in terms of value, the MSME sector accounts for about 45% of the manufacturing output and around 40% of the total exports of the country.

32 Foreign Trade Policy 2009‑2014, Department of Commerce, Government of India, available at http://www.doc.nic.in/.

33 India: Department of Commerce: Press Release "Salient Points of Strategy for Doubling Exports in Next Three Years 2011‑12 to 2013‑14", dated 3.05.2011.

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