At 8.2%, India's GDP growth next only to China
RUN UP TO THE BUDGET 2004-05/ Strongest advance in 15 years
| According to provisional estimates released by the Central Statistical Organisation, India's GDP for the full fiscal 2003-04 grew 8.2 per cent, exceeding the earlier estimate of 8.1 per cent and almost double the 4 per cent GDP growth recorded in 2002-03. This has been the strongest advance in the last 15 years, economists said. |
| The data for the last quarter of 2003-04 showed the economy decelerating from the 10.4 per cent growth recorded in the preceding October-December 2003 quarter, but still extending a trend of strong expansion that emerged almost a year ago. |
| According to analysts, the forecast of a normal monsoon is expected to rev up rural demand with almost two-thirds of the population depending on agriculture for their livelihood. |
| Rural demand and robust manufacturing growth were expected to propel the economy this fiscal, they said. |
| The United Progressive Alliance's common minimum programme too has projected a sustainable 7-8 per cent GDP growth during the next five years. |
| The output of the agricultural sector was 10.5 per cent higher in the January-March quarter of 2004 compared to the corresponding period previous fiscal. It was, however, lower than the 16.5 per cent growth in the preceding October-December quarter. |
| The farm sector accounts for nearly a quarter of the over Rs 25.2 lakh crore Indian economy and sustains nearly 600 million of the country's population, making it a key driver of demand. |
| Manufacturing output in the January-March quarter was up 7.6 per cent compared to January-March 2003. In the previous quarter, the manufacturing sector grew 7.5 per cent. The services sector grew 7.9 per cent during the January-March quarter, partly because of strength in finance. |
| Barring mining, construction and financial services, all other sectors recorded a higher growth during the last fiscal, with the hotel and transport sector clocking a double digit growth of 11.2 per cent in 2003-04, from 7 per cent in 2002-03. |
| At constant prices, the GDP in 2003-04 is estimated at Rs 14,26,701 crore over the quick estimates of Rs 13,18,321 crore in 2002-03. It was estimated at Rs 14,24,507 crore earlier. |
| The mining and quarrying sector growth halved to 4.4 per cent in 2003-04 as compared to 8.8 per cent in 2002-2003. Following a similar trend, construction and financial services also witnessed lower growth at 6.2 per cent and 6.8 per cent in 2003-04 as against 7.3 per cent and 8.8 per cent in 2002-03. |
| Electricity and water supply grew by 5.5 per cent during the period under review as against 3.8 per cent in 2002-03. Trade, hotels and communication sectors witnessed a growth of 11.2 per cent in 2003-04 as against 7 per cent in 2002-03. The social sector grew 6 per cent in 2003-04 as against 5.8 per cent in the previous fiscal. |
| The per capita income in real terms (at 1993-94 prices) during 2003-04 is estimated at Rs 11,672 (as against Rs 11,684 estimated earlier) compared to the quick estimates of Rs 10,964 in 2002-03. The growth rate in per capita income is estimated at 6.5 per cent during 2003-04, as against the previous year's estimate of 1.8 per cent. |
| The GDP at factor cost at current prices in 2003-04 is estimated at Rs 25,23,872 crore, showing a growth rate of 12.2 per cent over the quick estimates of GDP for 2002-03 at Rs 22,49,493 crore. |