New Delhi, February 27
Following are the highlights of the Economic Survey 2002-03:

* Economic growth scaled down to 4.4 per cent in 2002-03 from 5.6 per cent a year ago.

* Decline in agricultural growth by 3.1 per cent, from 5.7 per cent mainly due to monsoon failure.

* Improvement in industrial production to 6.1 per cent in current fiscal from 3.3 per cent a year ago.

* Fiscal deficit expected to be at the target level of 5.3 per cent of the GDP in 2002-03 as against 5.9 per cent a year ago.

* Exports grow by 20.4 per cent (April-December 2002) over the corresponding previous period.

* Services sector to grow at 7.1 per cent in the current fiscal from 6.8 per cent in 2001-02.

* Gross domestic savings rose modestly to 24 per cent of GDP in 2001-02 from 23.4 per cent in 2000-01.

* Gross domestic investment declines to 23.7 per cent of the GDP during 2001-02 from 24 per cent in 2000-01.

* Gross domestic capital formation further slides to 25.6 per cent of the GDP during 2001-02 from 26.2 per cent a year ago.

* Public sector savings continued to slide by 2.5 per cent whereas in private sector it improved strongly by 26.5 per cent in the same period.

* Foodgrain production declined by 13.6 per cent (provisional) during 2002-03 as compared to a healthy growth of 6.3 per cent in the corresponding previous period.

* Food subsidy rises alarmingly by 20.3 per cent to Rs 21,200 crore in 2002-03, mainly due to continuous hike in the MSP and consequent increase in Centre’s grain procurement over the years.

* Inflation rate expected to go up to 4.4 per cent compared to 2.6 per cent (52-week average in 2002).

* Robust export growth results in narrowing of trade deficit in 2002-03 so far to 13.2 per cent at $ 5767 million during April-December-2002 from $ 6643 million during the corresponding period of 2001.

* Overall trade deficit widens by 26.9 per cent in 2001-02 mainly because of a decline in exports.

* Bank credit to the commercial sector rises by 9.7 per cent till January 10 this fiscal compared to 11.0 per cent in corresponding period previous year.

* Number of SSI units estimated to have risen to 35.72 lakh during 2002-03 from 34.42 lakh a year ago, registering an increase of 3.8 per cent.