Confirming fears of a slowdown, the growth rate of the economy is estimated to plunge to 4.4. per cent during 2002-03 as against 5.6 per cent during the previous fiscal.
Led by a negative 3.1 per cent growth of agriculture, forestry and fishing sectors, the GDP growth rate of 4.4. per cent has been mainly due to over 5 per cent growth in manufacturing, electricity, gas, real estate and hotels, transport and communication sectors, according to an official release.
The advanced estimates released by the Central Statistical Organisation are based on anticipated level of agricultural and industrial production.
Analysis of Budget estimates of government expenditure and performance of key sectors like railways, transport, communication, banking and insurance available so far have also been factored in, the release said.
Gross Domestic Product at factor cost at constant (1993-94) prices in the year 2002-03 is likely to attain a level of Rs 13,20,733 crore (Rs 13, 207 billion) as against the Quick Estimates of GDP for the Year 2001-02 of Rs 12,65,429 crore (Rs 12, 654 billion) released on January 31, 2003.
The growth rate of the current financial year has also been due to over 5 per cent growth in water supply, construction, trade, financing, business services, and "community, social and personal services" sector, the release said.