Financial Daily from THE HINDU group of publications
Tuesday, Nov 18, 2003
Financial Daily from THE HINDU group of publications Tuesday, Nov 18, 2003 |
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Money & Banking
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RBI & Other Central Banks RBI projects 7% growth Our Bureau
Mumbai , Nov. 17 LED by recovery in agricultural production, the economy is poised to record strong growth during 2003-04, according to the RBI report. The RBI has observed that GDP growth during the first quarter (April-June 2003) accelerated to 5.7 per cent. Driven by an improved performance in the manufacturing sector, industrial growth continues to be strong. The increase in the Index of Industrial Production accelerated to 5.6 per cent during 2003-04 (April-August) from 5.2 per cent in the corresponding period, the previous year. According to the central bank, the overall GDP during 2003-04 is expected to be around 6.5-7 per cent with an upward bias, based on indications of sustained growth in the production of basic goods, capital goods and consumer goods. The RBI's report observed that the surge in capital flows continued during 2003-04 (up to October) reinforced by the revival of FII investment. As a result, foreign exchange reserves climbed to $92.6 billion by end-October 2003. The exchange rate of the rupee which was 47.50 per dollar at end-March 2003 appreciated by 4.8 per cent to 45.32 per dollar by end-October 2003.
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