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Highlights - Economic Survey 2003-04 news
07 July 2004

  • Economy registers record growth of 8.1 per cent during the period.
  • Strong agricultural recovery of 9.1 per cent.
  • Industry and services sectors also record higher growth.
  • Economy in resilient mode in terms of growth, inflation and BoP.
  • Continued macro-economic stability & growth momentum ensured.
  • The year saw continued relative stability of prices.
  • Inflation 4.6 per cent March end compared to 5.5 per cent average.
  • Foreign exchange reserves reach 119.3 billion dollars by May end.
  • Banks' recovery management improves considerably.
  • Combined Centre and States fiscal deficit worsened to reach 10.1%.
  • Revenue deficit deteriorated more sharply than fiscal deficit.
  • Centre and several States initiate Fiscal Responsibility Acts.
  • Gross domestic savings increase to 24.2 per cent of GDP in 2002-03.
  • Gross domestic capital formation grew by 7.6 per cent in 2002-03.
  • Good monsoon helped increase food production by 20 per cent.
  • Industrial production registers 6.9 per cent growth.
  • Mining, Electricity and Manufacturing major contributors.
  • 10th Plan poverty reduction ratio set at 5 percentage points.
  • Annual growth rate of 7-8 per cent envisaged in next five years.
  • Annual inflation rate to be contained to single digit.
  • Agricultural growth with emphasis on agro processing.
  • Expansion of industry 10 per cent annually proposed.
  • Fiscal consolidation and removal of revenue deficit get priority.
  • Private sector involvement for enhancing Investment in infrastructure.
  • Importance to social sector in NCMP for poverty reduction.


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Highlights - Economic Survey 2003-04