Highlights: Economic Survey 2003-04

• 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.