India is expected to log about 4.8 per cent economic growth in 2002-03, making it one of the world's fastest expanding economies, economists said on Friday.

The government will announce revised GDP growth estimates for the year ending March 2003 and the fourth quarter after 1200 IST on Monday.

The mid-range growth forecast of 10 economists surveyed by Reuters on Friday was 4.8 per cent with the lowest estimate of 4.1 per cent and the highest of 5.4 per cent. The World Bank ranks India as the world's 12th largest economy.

The economy expanded 6.0 per cent in the first quarter of 2002-03 (April-March) and 5.8 per cent and 2.6 per cent in the second and third quarters.

Economists said the performance in 2002-03 was expected to be spurred by healthy manufacturing and services sector growth and a mild recovery in the farm sector in the fourth quarter.

Overall growth in 2002-03 was dragged down by poor performance in the agricultural sector, which shrank 3.1 per cent last year, according to estimates released by the state-run Central Statistical Organisation in February.

In February, the government forecast Asia's third largest economy would grow by 4.4 per cent in 2002-03 compared with 5.6 per cent in the previous year.

This figure is far below the eight per cent growth logged by India's Asian rival, China, in the past year.

"There will be some revision in agriculture but the showing of the manufacturing and services sectors is expected to be strong," Saumitra Chaudhuri, economic adviser with credit rating agency ICRA, told Reuters.

The farm sector holds the power to sway overall growth in the country as two-thirds of the population depend on agriculture in the world's second-most populous nation.

A good harvest means higher rural incomes, spelling increased demand and spending.

Economists said the services sector, India's traditional growth engine, and the manufacturing sector had performed strongly in the fourth quarter and would help sway growth despite a fall in agriculture because of the worst drought in 15 years.

The services sector accounts for close to 50 per cent of overall growth with the rest coming from farming and industry.

Economists said industrial growth had received a boost from an increase in construction activity and the government's massive highways programme aimed at linking the four corners of the huge South Asian country.

"Demand for steel and cement has been driven largely by the highways project, which has also offset the decline in rural demand because of the slippage in agriculture last year," said an economist at the Associated Chambers of Commerce and Industry.

According to official estimates, the Indian economy is estimated to grow at 6.0 per cent in 2003-04 but economists say the economic performance will depend on the distribution of the June-September southwest monsoon rains.