(a) whether the Central Statistical Organisation has projected a GDP growth rate of just 4.4% for the Indian economy in the current year;
(b) if so, whether it conflicts with the estimate of 5.6% in 2001-2002 according to the quick estimates released by the Central Statistical Organisation recently;
(c) if so, the reasons for difference in estimates; and
(d) the steps contemplated to boost the GDP growth rate to 7 to 8 percent?
MINISTER OF STATE IN THE MINISTRY OF PLANNING, MINISTRY OF
STATISTICS & PROGRAMME IMPLEMENTATION, DEPARTMENT OF ATOMIC
ENERGY AND DEPARTMENT OF SPACE (SHRI S.B. MOOKHERJEE)
(a) Yes, Sir.
(b) There is no question of a conflict between the GDP growth
rate of 5.6% as per the Quick Estimates for 2001-2002 and
4.4% as per the Advance Estimates for 2002-2003.
(c) The deceleration in the growth rate of GDP from 5.6% in the
Quick Estimates for 2001-02 to 4.4% in the Advance Estimates
for 2002-03 is mainly due to the impact of drought
conditions.
(d) The measures identified to boost the growth rate include the
following:
(i) improving the efficiency of capital assets,
(ii) reduction of gestation lags of industrial and
infrastructural investments,
(iii) emphasis on completion of partially completed or on-
going projects and upgradation of existing capital
assets before starting new projects,
(iv) legal and procedural changes for facilitating quick
transfer of assets, including such measures as the
repeal of the Sick Industrial Companies (Special
Provision) Act, introduction of bankruptcy laws and
acceleration of judicial processes.