India logs 8.2% GDP growth rate in 2003-04

Driven by 7.3 per cent growth in the manufacturing sector and over 9 per cent in agriculture, economic growth more than doubled at 8.2 per cent in 2003-04 compared to four per cent in the previous year.

Barring mining, construction and financial services, all other sectors recorded a higher growth with hotel and transport sector clocking a double digit growth of 11.2 per cent in 2003-04 from seven per cent in 2002-03.

Agriculture zoomed to 9.1 per cent in the last fiscal as against a negative growth of 5.2 per cent in 2002-03.

• Budget 2004-05: Complete Coverage

At constant prices, GDP in 2003-04 is estimated at Rs 14,26,701 crore (Rs 142,67.01 billion) over the quick estimates of Rs 13,18,321 crore (Rs 131,83.21 billion) in 2002-03. It was estimated at Rs 14,24,507 crore (Rs 14,245.07 billion) earlier.

Mining and quarrying sector growth halved to 4.4 per cent in 2003-04 as compared to 8.8 per cent in 2002-2003.

Following a similar trend, construction and financial services also witnessed lower growth at 6.2 per cent and 6.8 per cent in 2003-04 as against 7.3 per cent and 8.8 per cent in 2002-03.

Electricity and water supply grew by 5.5 per cent during the period under review as against 3.8 per cent in 2002-03.

Trade, hotels and communication sectors witnessed a growth of 11.2 per cent in 2003-04 as against 7 per cent in 2002-03.

Social sector grew 6 per cent in 2003-04 as against 5.8 per cent in 2002-03.

The per capita income in real terms (at 1993-94 prices) during 2003-04 is estimated at Rs 11,672 (as against Rs 11,684 estimated earlier) compared to the quick estimates of Rs 10,964 in 2002-03, the CSO release said.

The growth rate in per capita income is estimated at 6.5 per cent during 2003-04, as against the previous year's estimate of 1.8 per cent.

GDP at market prices stood at 8.3 per cent during 2003-04 as against quick estimates of 4.6 per cent during 2002-03 GDP at factor cost at current prices in 2003-04 is estimated at Rs 25,23,872 crore (Rs 252,38.72 billion), showing a growth rate of 12.2 per cent over the quick estimates of GDP for 2002-03 at Rs 22,49,493 crore (Rs 224,94.93 billion).

The release said the revised annual estimates for the last financial year incorporated latest estimates of agricultural production, Index of Industrial Production and performance of key sectors like railways, transport, communication, banking and insurance and government expenditure.