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he Central Statistical Organisation (CSO), Ministry of Statistics and Programme Implementation has released the Quick estimates of national income, consumption expenditure, saving and capital formation for the financial year 2002-03. The salient features of the estimates, which are based on latest available information, are indicated below:GROSS DOMESTIC PRODUCT AND NATIONAL INCOME
G
ross domestic product (GDP) at factor cost at constant (1993-94) prices in 2002-03 is estimated at Rs. 13,18,321 crore as against Rs. 12,67,833 crore in 2001-02 registering a growth of 4.0 per cent during the year as against the growth rate of 5.8 per cent during the previous year. At current prices, GDP in 2002-03 is estimated at Rs. 22,49,493 crore as against Rs. 20,90,957 crore in 2001-02, showing an increase of 7.6 per cent during the year.A
t constant (1993-94) prices the national income (i.e. net national product at factor cost) in 2002-03 is estimated at Rs. 11,56,714 crore as against Rs. 11,17,282 crore in 2001-02 showing a rise of 3.5 per cent during the year. At current prices, the national income in 2002-03 is estimated at Rs. 19,95,229 crore as compared to Rs.18, 61,117 crore in 2001-02, showing a rise of 7.2 per cent during the year.The growth rate of 4.0 per cent in the GDP during 2002-03 has been achieved because of high growth in mining & quarrying (8.8%), manufacturing (6.2%), construction (7.3%), railways (5.7%), transport by other means (6%), communication (22%), banking & insurance (11.6%), real estate, ownership of dwelling & business services (5.9%) and other services (6.2%).
PER CAPITA NATIONAL INCOME
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he per capita income (per capita net national product at factor cost) in real terms, i.e. at 1993-94 prices, is estimated at Rs. 10,964 for 2002-03 as against Rs.10,774 for 2001-02, registering an increase of 1.8 per cent during the year. The per capita income at current prices is estimated at Rs. 18,912 in 2002-03 as against Rs. 17,947 for the previous year depicting a growth of 5.4 per cent.
CONSUMPTION EXPENDITURE, SAVING AND CAPITAL FORMATION
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n 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
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rivate Final Consumption Expenditure (PFCE) in the domestic market at current prices works out to Rs.15,91,132 crore in 2002-03 as against Rs.14,94,050 crore in 2001-02. At constant (1993-94) prices, the PFCE works out to Rs. 8,97,243 crore in 2002-03 as against Rs.8,66,736 crore in 2001-02.The per capita PFCE in 2002-03 works out to Rs. 15,082 at current prices and Rs. 8,505 at constant (1993-94) prices as against Rs. 14,407 and Rs. 8,358 respectively in 2001-02. The expenditure at constant prices on all items except cereals & bread, pulses, oil & oil seeds, fruits & vegetables and footwear has increased in 2002-03 as compared to that of the previous year.DOMESTIC SAVING
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ross domestic saving (GDS) at current prices in 2002-03 is estimated at Rs. 5,97,697 crore as against Rs. 5,35,185 crore in 2001-02, constituting 24.2 per cent of GDP at market prices as against 23.5 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. 2,54,304 crore and Rs. 2,64,736 crore in 2001-02 to Rs. 2,54,407 crore and Rs. 3,04,851 crore in 2002-03, respectively. Saving of private corporate sector has gone up from Rs. 78,849 crore in 2001-02 to Rs. 84,169 crore in 2002-03. The saving of the public sector showed an increase from (-) Rs. 62,704 crore in 2001-02 to (-) Rs. 45,730 crore in 2002-03. The increase in the public sector saving is mainly due to increase in the saving of departmental enterprises from Rs. 1,023 crore in 2001-02 to Rs.2,339 crore in 2002-03 and non-departmental enterprises from Rs. 75,035 crore in 2001-02 to Rs.91,909 crore in 2002-03. The net domestic saving has correspondingly gone up from Rs. 3,17,431 crore in 2001-02 to Rs. 3,62,654 crore in 2002-03 and constitutes 15.4 per cent of net domestic product at market prices in 2001-02 and 16.2 per cent in 2002-03. As in the case of gross saving, the net saving of the household sector has also gone up from Rs. 4,41,863 crore in 2001-02 to Rs. 4,74,658 crore in 2002-03, the net saving of the private corporate sector has increased from Rs. 20,752 crore in 2001-02 to Rs. 21,430 crore in 2002-03 and the net saving of the public sector has increased from (-) Rs. 1,45,184 crore in 2001-02 to (-) Rs. 1,33,434 crore in 2002-03.CAPITAL FORMATION
Gross Domestic Capital Formation at current prices has increased from Rs. 5,27,917 crore in 2001-02 to Rs. 5,75,033 crore in 2002-03 and at constant (1993-94) prices, it increased from Rs. 3,46,907 crore in 2001-02 to Rs. 3,73,399 crore in 2002-03. The rate of gross capital formation at current prices is 23.3 per cent in 2002-03 as against 23.1 per cent in 2001-02. The rate of capital formation in 2002-03 was lower than the rate of saving because of net capital inflow from abroad of (-)Rs.22,664 crore in 2002-03. The rate of gross capital formation at constant (1993-94) prices increased from 25.1 per cent in 2001-02 to 25.8 per cent in 2002-03. The rate of net capital formation at current prices in 2002-03 was 15.2 per cent as against 15.0 per cent in 2001-02.
Within the gross capital formation at current prices, the gross fixed capital formation amounted to Rs. 5,55,215 crore in 2002-03 as against Rs. 5,00,411 crore in 2001-02. At current prices, the gross fixed capital formation of the public sector has increased from Rs. 1,26,284 crore in 2001-02 to Rs. 1,43,820 crore in 2002-03, that of private corporate sector from Rs.1,13,191 crore in 2001-02 to Rs.1,15,026 crore in 2002-03, and the household sector from Rs. 2,60,936 crore in 2001-02 to Rs. 2,96,369 crore in 2002-03.
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he change in stocks of inventories, measured as additions to stocks marginally declined, at current prices, from Rs. 8,649 crore in 2001-02 to Rs. 8,601 crore in 2002-03. The increase is observed in private corporate sector from (-) Rs. 1,870 crore to Rs. 3,553 crore, household sector from Rs.3, 800 crore to Rs.8,482 crore and public sector however, showed a decline from Rs. 6,719 crore to (-) Rs. 3,434 crore.T
he estimates of National Product, Consumption Expenditure, Saving and Capital Formation at aggregate and per capita levels for the years 1993-94, 2001-02 and 2002-03 are presented in Statement 1 and the detailed estimates at industry/item level in Statements 2 to 10.