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| Highlights
of Economic Survey 2002-03: A ready reckoner
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Shehla Raza Hasan
27 February 2003 |
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- Gross domestic product (GDP) growth scaled down to 4.4 per cent in 2002-03 from 5.6 per cent last year.
- Significant decline in agricultural growth by 3.1 per cent from 5.7 per cent, mainly due to monsoon failure.
- Improvement in industrial production to 6.1 per cent in the current fiscal from 3.3 per cent last year.
- Exports grow by 20.4 per cent (April-December 2002) over the corresponding previous period.
- The services sector to grow at 7.1 per cent in the current fiscal from 6.8 per cent in 2001-02.
- Gross domestic savings rose modestly to 24 per cent of the GDP in 2001-02 from 23.4 per cent in 2000-01.
- Public sector savings continued to slide by 2.5 per cent,
whereas in the private sector it improved strongly by 26.5 per cent in the same period.
- Food grain production declined by 13.6 per cent (provisional) during 2002-03 as compared to a healthy growth of 6.3 per cent in the corresponding previous period.
- Inflation rate expected to go up to 4.4 per cent as compared to 2.6 per cent (52-week average) in 2002.
- A robust export growth results in narrowing of trade deficit in 2002-03 so far to 13.2 per cent at $5,767 million between April-December 2002 from $6,643 million during the corresponding period 2001.
- The overall trade deficit widens by 26.9 per cent in 2001-02 mainly because of a decline in exports.
- The gross domestic investment declines to 23.7 per cent of the GDP during 2001-02 from 24 per cent in 2000-01.
- Gross domestic capital formation further slides to 25.6 per cent of the GDP during 2001-02 from 26.2 per cent a year ago.
- Food subsidy rises alarmingly by 20.3 per cent to Rs 21,200 crore in 2002-03, mainly due to continuous hike in the minimum support price for food grains and the consequent increase in the Centre's grain procurement over the years.
- Bank credit to the commercial sector rose by 9.7 per cent till 10 January this fiscal as against 11 per cent in the corresponding period previous year.
- The number of small sector industries units is estimated to have risen to 35.72 lakh during 2002-03 from 34.42 lakh a year ago - an increase of 3.8 per cent.
- Actual foreign direct investment (FDI) inflows up by about 10 per cent to Rs 21,286 crore even as approved FDI proposals decline to less than half to Rs 11,140 crore last year from Rs 26,875 crore in 2001.
- Food subsidy surges by 20.3 per cent to Rs 21, 200 crore.
- Record FDI inflows despite the Gujarat quake and the Parliament attack.
- A survey outlines reforms for pushing up growth.
- Fiscal deficit likely to be higher at 5.5 per cent.
- Need to revise interest rates on small savings schemes.
- Food grains output to decline 14 per cent.
- Oilseeds likely to decline 25 per cent.
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also see : Taking
stock
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