(a) whether the survey brought out by UN`s Economic and Social
Commission for Asia and Pacific (ESCAP), earlier projected India`s
gross domestic product growth at 6 per cent for 2003;
(b) if so, whether ESCAP has now downwards India`s GDP to 5.1 per
cent for the year 2003;
(c) if so, the reasons given by them for the same;
(d) the response of the Government on the report of ESCAP; and
(e) the corrective steps taken or likely to be taken by the Government?
MINISTER OF STATE IN THE MINISTRY OF FINANCE ( SHRI ANANDRAO V. ADSUL)
(a) to (d): Economic and Social Commission for Asia and the
Pacific(ESCAP) in its `Economic and Social Survey of Asia and
the Pacific 2003` brought out in March, 2003 has projected India`s
real GDP growth rate at 6 per cent for 2003. At the time of Survey`s
media launch on April 17, 2003, ESCAP has indicated a revised
growth rate of 5.1 per cent based on the projection made by the
International Monetary Fund. The projection by ESCAP is based on
its perception of growth prospects in 2003. Different agencies make
projections of growth based on their perceptions of growth prospects.
The Government has taken note of the projection by the ESCAP.
(e): The Union Budget for 2003-04 has proposed a number of initiatives
such as promoting infrastructure development by leveraging public
money through private sector participation, promoting private
investment and measures aimed at fiscal consolidation. These
initiatives are expected to have a positive influence on the
growth of the economy.