The Hindu : Economy registers 5.6 p.c. growth

Online edition of India's National Newspaper
Saturday, Feb 01, 2003

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Economy registers 5.6 p.c. growth

By Our Special Correspondent

NEW DELHI JAN. 31. The Indian economy has registered a growth of 5.6 per cent in 2001-02, a significant jump from the 4.4 per cent growth in the preceding year.

The 5.6 per cent growth was based mainly on the high agricultural growth of 5.7 per cent and the significant achievements of various segments of the services sector. For instance, hotels and restaurants notched a growth rate of 11.2 per cent, trade 8.7 per cent, communications 17 per cent, real estate, ownership of dwellings and business services 5.7 per cent and other services 7.7 per cent.

According to the quick estimates of national income put out by the Central Statistical Organisation (CSO) today, the gross domestic product (GDP) at constant prices (1993-94 prices) was estimated to be at Rs. 12,65,429 crores against Rs. 11,98,685 crores in 2000-01. At current prices, the GDP in 2001-02 was estimated to be at Rs. 20,94,013 crores against Rs. 19,17,724 crores during 2000-01, showing an increase of 9.2 per cent.

The higher growth of the GDP resulted in the per capita income (at 1993-94 prices) going up to Rs. 10,754 for 2001-02 against Rs. 10,306 for 2000-01, the increase working out to 4.3 per cent. The per capita income at current prices was estimated to be at Rs. 17,978 against Rs. 16,707.

Gross domestic savings at current prices in 2001-02 was estimated to be at 24 per cent of the GDP, up from 23.4 per cent in the preceding year. In absolute terms, gross domestic savings were estimated to be at Rs. 5,49,963 crores against Rs. 4,91,761 crores in 2000-01.

As usual, the rise in gross domestic savings was contributed mainly by the household and private corporate sectors, accompanied by a steep fall in the savings of the public sector. Household savings in the form of savings and physical assets went up from Rs. 2,17,841 crores and Rs. 2,35,800 crores, respectively, in 2000-01 to Rs. 2,56,647 crores and Rs. 2,58,918 crores in 2001-02.

Savings of the private corporate sector went up from Rs. 86,142 crores to Rs. 92,060 crores during the same period. The savings of the public sector worsened from a negative Rs. 48,022 crores in 2000-01 to negative Rs. 57,662 crores in 2001-02.

Private final consumption expenditure (PFCE) in the domestic market at current prices worked out to Rs. 14,92,894 crores in 2001-02 against Rs. 13,59,358 crores in 2000-01. At constant prices (1993-94 prices), PFCE worked out to Rs. 8,66,911 crores against Rs. 8,18,636 crores.

Gross capital formation at current prices increased from Rs. 5,04,738 crores in 2000-01 to Rs. 5,45,091 crores in 2001-02 and at constant prices, it increased from Rs. 3,45,209 crores to Rs. 3,55,720 crores.

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