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GDP growth revised to 8.5 percent
By siliconindia staff writer
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Monday, 31 January 2005, 20:30 IST
NEW DELHI: The Government today revised upward the economic growth to 8.5 percent for 2003-04 from 8.2 percent estimated earlier. This was mainly due to a bumper agricultural growth of 9.6 per cent.
The high GDP growth of 8.5 percent during 2003-04 came after a lower growth of just 4 percent in 2002-03, according to the Quick Estimates of National Income released by the Central Statistical Organization.
During the last fiscal, manufacturing also registered a growth of 6.9 percent over 6.5 percent in 2002-03.
The estimates show agriculture production fell in 2002-03 by seven percent.
In 2003-04, the growth in mining and quarrying was 6.4 percent as against 9 percent in the previous year.
Growth in the construction sector also dropped to 7 percent from 7.3 percent in 2002-03.
Transport, storage and communication sector showed a higher growth of 17 percent in 2003-04 as against 12.6 percent in 2002-03.
The financial services sector's growth slowed down to 7.1 percent in 03-04 from 8.7 percent in 02-03.
According to quick estimates, per capita income in real terms was up 7.1 percent in 2003-04 to Rs 11,799.
The per capita income at current prices is estimated at Rs 20,989 in 2003-04 against Rs 19,040 for the previous year, showing a growth of 10.2 percent.
Gross capital formation at constant prices increased to Rs 4,49,539 crore in 03-04 from Rs 3,95,163 crore in 2002-03.
The rate of gross capital formation at constant prices increased to 28.7 percent in 03-04 from 27.4 percent in 02-03.
The gross capital formation at constant prices in 03-04 in the public sector was Rs 82,998 crore while in private sector it was Rs 87,718 crore. In the household sector it was Rs 223,007 crore.
Gross fixed capital formation in 2003-04 was Rs 3,88,295 crore as against Rs 3,54,086 crore in 2002-03.
In the public sector, gross fixed capital formation last fiscal was Rs 89,203 crore, in private sector Rs 80,041 crore while in the household sector it stood at Rs 219,051 crore.