Indian economy to grow at 7.5-8% in current fiscal
Tuesday, 03 February 2004, 20:30 IST
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NEW DELHI: The Indian economy is likely to post a growth of between 7.5 and eight percent in the current fiscal year ending March 31, said Finance Minister Jaswant Singh Tuesday. Presenting a vote-on-account, or interim budget, for 2004-05, Singh said the Indian economy was witnessing growth in all sectors and that the macro-economic situation had vastly improved. India's economy grew by a moderate four percent in the fiscal year ended March 31, 2003, mainly due to a sharp percent fall in agriculture produce, as the worst drought in three decades ravaged large parts of the country. Enthused by the better-than-expected monsoon rains, the Reserve Bank of India, the country's central bank, and leading economic think tanks have projected an over seven percent growth in the current fiscal year. A seven percent growth will be the strongest full-year expansion after six years. The last time India's economy grew over seven percent was in 1996-97 when it touched 7.8 percent. The government unveils its annual budget every year at the end of February. In view of early parliamentary election, likely to be held by April, it is coming up with a vote-on-account to seek parliament's nod for general expenses in lieu of the normal budget.
Source: IANS
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