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Economic Survey 2002-03: Highlights

Economic Survey 2002-03 has scaled down economic growth to 4.4 per cent in this fiscal from 5.6 per cent a year ago.

india Updated: Feb 27, 2003 13:31 IST

•Economic growth scaled down to 4.4 per cent in 2002-03 from 5.6 per cent a year ago.

•Significant decline in agricultural growth by 3.1 per cent from 5.7 per cent mainly due to monsoon failure.

•Improvement in industrial production to 6.1 per cent in current fiscal from 3.3 per cent a year ago.

•Fiscal deficit expected to be at the target level of 5.3 per cent of GDP in 2002-03 as against 5.9 per cent a year ago.

•Exports grow by 20.4 per cent (April-December 2002) over the corresponding previous period.

•Services sector to grow at 7.1 per cent in the current fiscal from 6.8 per cent in 2001-02.

•Gross domestic savings rose modestly to 24 per cent of GDP in 2001-02 from 23.4 per cent in 2000-01.

•Public sector savings continued to slide by 2.5 per cent whereas in private sector it improved strongly by 26.5 per cent in the same period.

•Foodgrain production declined by 13.6 per cent (provisional) during 2002-03 as compared to a healthy growth of 6.3 per cent in the corresponding previous period.

•Inflation rate expected to go up to 4.4 per cent compared to 2.6 per cent (52-week average in 2002).

First Published: Feb 27, 2003 13:02 IST