India’s GDP grows by 8.2%
Based on the provisional data released by the Central Statistical Organization,
India's GDP (Gross Domestic Product) for the full fiscal year 2003-04 grew by 8.2%, exceeding the earlier estimate of 8.1% and almost double the 4% GDP growth rate recorded in 2002-03. Economists said that this has been the strongest advance registered in the last 15 years.
According to analysts, the normal monsoon is expected to increase rural demand with almost two-thirds of the population depending on agriculture for their livelihood. It is also reported that rural demand and strong
manufacturing sector growth are predicted to enhance the economy this fiscal year.