The Hindu Business Line : GDP growth revised downwards to 4.3 pc

THE Government has marginally revised downwards the growth in the country's gross domestic product for 2002-03 to 4.3 per cent, from the earlier `advance estimate' of 4.4 per cent.

As per the `revised estimates' of national income for 2002-03, released by the Central Statistical Organisation (CSO) here today, the growth rates for both agriculture and industry have been revised downwards to minus 3.2 per cent and six per cent, as against their corresponding advance estimates of minus 3.1 per cent and 6.1 per cent. On the other hand, the services sector's growth has been left unrevised at 6.1 per cent (see Table).

On the whole, it emerges that the overall GDP growth for 2002-03, at 4.3 per cent, has been lower than the estimate of 5.6 per cent for 2001-02. This has come even as the growth rates for industry and services have been higher at six per cent and 7.1 per cent, compared to their previous year's levels of 3.3 per cent and 6.8 per cent, respectively.

But the buoyancy in these sectors has been more than offset by the disappointing performance of the agriculture sector, which, courtesy drought, actually shrunk by 3.2 per cent after registering a growth of 5.7 per cent during 2001-02. Munificent south-west monsoon rains this time round should hopefully change the picture and put the farm sector back on track this year. This, along with a sustained recovery in the industry and services sectors, could help the economy to register a respectable overall growth of 5.5-6 per cent during 2003-04.

The country's GDP at factor cost - income generated by both residents and non-residents within the country's territory — at current prices during 2002-03 has been estimated at Rs 22,42,463 crore (about $480 billion). The gross national product (GNP) - which is the income accruing to resident Indians both inside and outside the country's territory - works out to Rs 22,24,151 crore. The net product or `national income' - GNP minus depreciation - stood at Rs 19,86,027 crore during 2002-03, which for a population of 1,055 million, translated into a per capita income of Rs 18,825. An average Indian thus earns an average monthly income of nearly Rs 1,570.

Article E-Mail :: Comment :: Syndication

Stories in this Section
DK receives record rainfall

Online gamble

Non-submission of certificate from PCB — Madras HC rules acceptance of tender can't be invalid

BoP surplus lower by $1.88 b in Jan-March

S&P keeps India below investment grade

GDP growth revised downwards to 4.3 pc

Fiscal deficit shoots up on lower tax collections

Goa's annual Plan outlay fixed at Rs 650 crore

`Ecology under threat from tourism plans'

Waste treatment project in Howrah on BOO basis

EPTRI bid to create need for evaluation of natural resources