More Good News! CSO Scales Down FY 2003 Growth To 4%

New Delhi, Jan 30: | Updated: Jan 31 2004, 05:30am hrs
Good news continues to rain for the government. The Central Statistical Organisation (CSO) has revised the gross domestic product (GDP) growth rate for 2002-03 from 4.4 per cent to 4 per cent. This would mean that the economic growth for 2003-04 would look even more impressive on a lower base.

The GDP slipped to 4 per cent last fiscal, as compared to 5.8 per cent during 2001-02, while per capita income registered a rise of 1.8 per cent during the past fiscal against 5.4 per cent during the previous fiscal.

According to the quick estimates of national income, consumption, expenditure, saving and capital formation for 2002-03 released here on Friday, GDP at factor-cost at constant (1993-94) prices during 2002-03 is estimated at Rs 13,18,321 crore as against Rs 12,67,833 crore during 2001-02, registering a growth of 4 per cent. The quick estimates of 4 per cent are lower than 4.4 per cent of the provisional estimates for 2002-03 released last June.

According to CSO, the GDP growth rate for the second quarter of 2003-04 works out to be 8.4 per cent. For the first half (April-September 2003) the growth rate was 7 per cent. The growth rate is likely to cross 8 per cent mark during 2003-04.

Commenting on the quick estimates, Soumitra Choudhury of Icra said, the lowering in GDP growth for the previous fiscal is primarily because the agriculture estimates of 2002-03 were further lowered, while the agriculture estimates of 2001-02 went up.