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A flagship annual document of the Ministry of Finance, Government of India, Economic Survey 2011-12 reviews the developments in the Indian economy over the past 12 months. It summarizes the performance of major development programmes, the policy initiatives of the government, and the prospects of the economy in the short to medium term. With detailed statistical data covering all aspects of the economy-macro as well as sectoral-the report analyses the state of the Indian economy; inflation and growth; fiscal policy and monetary management; financial intermediation and the role of markets; external sector, balance of payments, and trade; agriculture and industrial development; performance of the services sector; energy, infrastructure, and communications; sustainable development and climate change; human development and social expenditure; and India's role in the global economy. Economic Survey 2011-12 identifies growth and price stability as the major challenges of macroeconomic policymaking. The Indian economy grew by 6.9 per cent in 2011-12, after having grown at the rate of 8.4 per cent in each of the two preceding years. However, the Survey underlines that by cross-country comparison, India remains among the forerunners. It argues that with agriculture and services continuing to perform well, India' slowdown can be attributed to weakening industrial growth. This year's Survey has, for the first time, a chapter on India and the global economy, highlighting India's role as a constructive player in the evolving global order.