The Hindu : Economic growth slips to 4.3 per cent

Online edition of India's National Newspaper
Tuesday, Jul 01, 2003

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Economic growth slips to 4.3 per cent

By Our Special Correspondent

NEW DELHI JUNE 30. Contrary to expectations in some quarters, there has been no upward revision in the growth rate of agriculture during 2002-03. Consequently, with some marginal changes in the growth indices of some sectors, the growth rate for the Indian economy during 2002-03 has been put at 4.3 per cent, lower than the growth of 5.6 per cent registered during 2001-02.

Revised estimates of national income put out by the Central Statistical Organisation (CSO) today show that agricultural growth registered a decline of 3.2 per cent against a growth of 5.7 per cent in 2001-02. Mining and querying grew 5.0 per cent against a 1.0 per cent growth in 2001-02 while manufacturing registered a 6.1 per cent growth (against 3.4) during 2002-03.

Electricity, gas and water supply grew 3.9 per cent (4.3 per cent) while construction was up significantly by 7.2 per cent (against 3.7). Other high growth areas were trade, hotels, transport and communication at 7.8 per cent (against 8.7), financing, insurance, real estate and business services were up 6.1 per cent (against 4.5) and community, social and personal services were up 6.8 per cent (against 5.6 per cent).

The gross domestic product (GDP) at constant prices (1993-94), therefore, worked out to Rs. 13,20,313 crores against Rs. 13,20,733 crores advance estimates, showing a growth of 4.3 per cent (advance estimate was a 4.4 per cent growth) over the quick estimates of GDP for 2001-02 of Rs. 12,65,429 crores.

The per capita income was estimated to be Rs. 11,010 during 2002-03, slightly up from Rs. 10,754 estimated for 2001-02. The growth rate in per capita income is estimated to be at 2.4 per cent during 2002-03 against the previous year's estimated of 4.3 per cent.

The national income at constant prices was estimated to be Rs. 11,61,580 crores against the 2001-02 estimates of Rs. 11,15,157 crores. In terms of growth, national income grew 4.2 per cent during 2002-03.

Currency rating unchanged

The Standard & Poor's today kept the ratings for India's local and foreign currency unchanged even as it kept a negative outlook for the economy. Stating that the rating action was constrained by rising public debt and fiscal inflexibility, the international agency said ``the Government's debt burden may continue to rise rapidly over medium term''. — PTI

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