The Central
Statistical Organisation (CSO), Ministry of Statistics and Programme
Implementation released here today, the Quick estimates of national income,
consumption expenditure, saving and capital formation for the financial year
2003-04. The salient features of the estimates, which are based on latest available
information, are indicated below:
GROSS DOMESTIC PRODUCT AND NATIONAL
INCOME
Gross domestic product
(GDP) at factor cost at constant (1993-94) prices in 2003-04 is estimated at
Rs. 14,30,548 crore as against Rs. 13,18,362 crore in 2002-03 registering a
growth of 8.5 per cent during the year as against the growth rate of 4.0 per
cent during the previous year. At current prices, GDP in 2003-04 is estimated
at Rs. 25,19,785 crore as against Rs. 22,54,888 crore in 2002-03, showing
an increase of 11.7 per cent during the year.
At constant (1993-94)
prices the national income (i.e. net national product at factor cost) in
2003-04 is estimated at Rs. 12,66,005 crore as against Rs. 11,61,902 crore in
2002-03 showing a rise of 9.0 per cent during the year. At current prices, the national income in
2003-04 is estimated at Rs. 22,52,070 crore as compared to Rs.20, 08,770 crore
in 2002-03, showing a rise of 12.1 per cent during the year.
The growth rate of 8.5 per
cent in the GDP during 2003-04 has been achieved due to high growth in
agriculture (10.3%), trade, hotels & restaurants (8.8%), financing,
insurance, real estate & business services (7.1%).
PER CAPITA NATIONAL INCOME
The per capita
income (per capita net national product at factor cost) in real terms, i.e. at
1993-94 prices, is estimated at Rs. 11,799 for 2003-04 as against Rs.11,013 in 2002-03, registering an increase of 7.1 per cent during
the year. The per capita income at current prices is estimated at Rs. 20,989 in
2003-04 as against Rs. 19,040 for the previous year depicting a growth of 10.2
per cent.
CONSUMPTION EXPENDITURE, SAVING AND
CAPITAL FORMATION
In order to
derive the GDP at market prices, the GDP at factor cost is adjusted by adding
indirect taxes net of subsidies. As
various components of expenditure on gross domestic product, namely,
consumption expenditure and capital formation, are normally measured at market
prices, the discussion in the following paragraphs is in terms of market prices
only.
PRIVATE FINAL CONSUMPTION EXPENDITURE
Private Final
Consumption Expenditure (PFCE) in the domestic market at current prices works
out to Rs. 17,65,849 crore in 2003-04 as against Rs. 15, 85,132 crore in 2002-03. At constant (1993-94) prices, the PFCE works out
to Rs. 9,64,865 crore in 2003-04 as against Rs. 8, 91,419 crore in 2002-03. The per capita PFCE in 2003-04 works out to Rs.
16,457 at current prices and Rs. 8,992 at constant (1993-94) prices as
against Rs. 15,025 and Rs. 8,449 respectively in 2002-03. The expenditure at constant prices on all items
except sugar & gur, coffee, tea & cocoa and clothing has increased in
2003-04 as compared to that of the previous year.
DOMESTIC SAVING
Gross domestic
saving (GDS) at current prices in 2003-04 is estimated at Rs. 7,76,420 crore as
against Rs. 6,42,298 crore in 2002-03, constituting
28.1 per cent of GDP at market prices as against 26.1 per cent in the previous
year. The rise in GDS has been
contributed by all sectors. In respect of the household sector, the saving in
the form of financial and physical assets has gone up from Rs. 2,54,439 crore
and Rs. 3,20,242 crore in 2002-03 to
Rs. 3,14,261 crore and Rs. 3,57,431 crore in 2003-04, respectively. Saving of
private corporate sector has gone up from Rs. 94,269 crore in 2002-03 to Rs. 1,14,157 crore in 2003-04. The saving of the public sector showed an
increase from (-) Rs. 26,652 crore in 2002-03 to (-) Rs. 9,429 crore in 2003-04.
The increase in the public sector saving is mainly due to increase in
the saving of public authorities from (-) Rs. 1,23,237 crore in 2002-03 to (-) Rs.1, 16,327 crore in 2003-04 and
non-departmental enterprises from Rs. 96,585 crore in 2002-03 to Rs.1, 06,898 crore in 2003-04. The net domestic
saving has correspondingly gone up from Rs. 4,09,346 crore in 2002-03 to Rs. 5,22,783 crore in 2003-04 and constitutes
18.4 per cent of net domestic product at market prices in 2002-03 and 20.9 per cent in 2003-04. As in the case of gross saving, the net
saving of the household sector has also gone up from Rs. 4,92,164 crore in 2002-03
to Rs. 5,79,917 crore in 2003-04, the net
saving of the private corporate sector has
increased from Rs. 31,489 crore in 2002-03 to Rs. 46,747 crore in 2003-04 and the net saving
of the public sector has increased from (‑) Rs. 1,14,307 crore in 2002-03
to (‑) Rs. 1,03,881 crore in
2003-04.
CAPITAL FORMATION
Gross Domestic
Capital Formation at current prices has increased from Rs. 6,10,288 crore in 2002-03 to Rs. 7,26,868
crore in 2003-04 and at constant (1993-94) prices, it increased from Rs.
3,95,163 crore in 2002-03 to Rs. 4,49,539 crore in 2003-04. The rate of gross capital formation at
current prices is 26.3 per cent in 2003-04 as against 24.8 per cent in
2002-03.
The rate of capital formation in 2003-04 was lower than the rate of saving because of net capital inflow from
abroad of (-) Rs. 49,552 crore in
2003-04. The rate of gross capital formation at constant (1993-94) prices
increased from 27.4 per cent in 2002-03 to 28.7 per cent in 2003-04. The rate of net capital formation at
current prices in 2003-04 was 18.9 per cent as against 16.9 per cent in 2002-03.
Within the gross capital formation at current prices, the gross fixed
capital formation amounted to Rs. 6,27,307 crore in 2003-04 as against Rs.
5,47,950 crore in 2002-03. At current prices, the gross fixed capital formation of the
public sector has increased from Rs. 1,38,521 crore in 2002-03 to Rs. 1,64,747 crore in 2003-04, that of private
corporate sector from Rs.97, 832 crore in 2002-03 to Rs.1, 11,620 crore in 2003-04, and the
household sector from Rs. 3,11,597 crore in 2002-03 to Rs. 3,50,940 crore in 2003-04.
The change in
stocks of inventories, measured as additions to stocks declined, at current
prices, from Rs. 10,008 crore in 2002-03 to Rs 8,387 crore
in 2003-04. The increase is observed in private corporate sector from Rs. 7,918
crore to Rs. 12,557 crore, however, household sector has declined from Rs.8,
645 crore to Rs.6, 491 crore and public sector from (-) Rs. 6,555 crore to (-)
Rs. 10,661 crore.
The estimates of National Product, Consumption
Expenditure, Saving and Capital Formation at aggregate and per capita levels
for the years 1993-94, 2002-03 and 2003-04 are
shown in Statement 1 and the detailed
estimates at industry/item level in Statements 2 to 10.
Click here for
Statements(Release ID :6805)