India's growth in 02-03 revised downward to 4 %

Monday, 02 February 2004, 20:30 IST
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NEW DELHI: The Indian government Friday revised its economic growth figures for the fiscal year ended March 31, 2003 to four percent, down from 4.3 percent. The gross domestic product (GDP) of India, Asia's third largest economy, registered a growth of four percent during the fiscal year 2002-03 as against 5.8 percent logged in the previous year, the Central Statistical Organisation said. Four percent growth in 2002-03 was achieved mainly on the back of the mining and quarrying, manufacturing, construction, railways, communication, banking and insurance, and real estate sectors, it added. Enthused by the better-than-expected monsoon rains, the Indian government as well as leading think tanks have projected over seven percent growth in the 2003-04 fiscal ending March 31. 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.
Source: IANS