Economic Survey Highlights

* Food subsidy bill at Rs.1,07,823.75 crore during 2014-15 (upto January), an increase of 20 percent over previous year

* Rationalisation of subsidies and better targeting of beneficiaries will release resources for public investment in agriculture

* Create National Common Market for agricultural commodities

* Revive public investment to improve investment climate* Inflation showed declining trend during April-December

2014-15, average WPI inflation declined to 3.4 percent against average of six percent during the previous year, WPI food inflation fell to 4.8 percent after high of 9.4 percent in 2013-14, CPI inflation touched all-time low of 5 percent after remaining high at 9-10 percent for last two years

* Government measures to control food inflation and persistent decline in crude prices resulted in declining trend in inflation

* Foodgrain production in 2014-15 estimated at 257.07 million tonnes; will exceed average foodgrain production of last five years by 8.5 million tonnes

* Agriculture and allied sectors contributed 18 percent to GDP

* Fourteenth Finance Commission will enhance fiscal federalism

* Hyper-growth in tech startups

* Rural penetration of IT services to drive Make in India mission

* Electronic visa gives fillip to tourism sector

* Growth rate of over eight percent expected in 2015-16

* Double-digit economic growth trajectory now a possibility

* Political mandate for reform and benign external environment

* Scope for big bang reforms