Economy growth revised to 5.6% in 2001-02

Friday, 31 January 2003, 08:00 Hrs   |    2 Comments
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India Friday revised its economic growth rate to 5.6 percent in the year ended March 31, 2002, from an earlier estimate of 5.4 percent on a sharp rise in agriculture production.

NEW DELHI: The Indian economy expanded by 5.6 percent in 2001-02 as against the growth rate of 4.4 percent logged in the fiscal year ended March 31, 2001, said a statement issued by the Central Statistical Organisation.

The statement said high gross domestic product (GDP) expansion in 2001-02 was achieved because of a sharp growth in agriculture, trade and the hotel and communications sectors.

Agriculture sector output posted a growth of 5.7 percent in the year ended March 2002 compared with a 0.4 percent fall in the year 2000-01, showed the figures released by the official agency.

The hotel and restaurants sector grew by 11.2 percent in 2001-02 over the previous fiscal year, trade rose 8.7 percent and the communication industry expanded by 17 percent.

While the government expects the economy to grow by 5.5 percent in the year to March 2003, analysts say higher growth rate would be restricted by the low farm sector output following a drought.

The annual southwest monsoon, a key factor for good agricultural production and robust demand for goods and services, was less than normal this year in many parts of the country.
Source: IANS

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