The economy is poised to grow by 8.1 per cent this fiscal powered by a 9.1 per cent rise in farm output, according to the advanced estimates of Central Statistical Organisation.

"The growth in GDP during 2003-04 is estimated at 8.1 per cent as compared to 4.0 per cent during 2002-03," CSO said releasing the advanced estimates in New Delhi on Monday.

India's Growth Projections for 2003-04

The GDP at factor cost at constant prices is likely to attain a level of Rs 14,24,507 crore (Rs 14,245.07 billion) as against the quick estimates of Rs 13,18,321 crore (Rs 13,183.21 billion) in 2002-03, mainly due to high growth in agriculture, manufacturing and services sectors.

After a good monsoon last year, agriculture growth is estimated at 9.1 per cent in 2003-04 compared to a fall of 5.2 per cent in 2002-03.

Manufacturing sector is expected to log 7.1 per cent growth this fiscal compared to 6.2 per cent last fiscal.

Electricity, gas and water supply is slated to grow by 5.4 per cent in 2003-04 compared to 3.8 per cent in 2002-03.

Growth in mining and quarrying activities is estimated to have slowed down. The growth in the sector would be only 4.0 per cent in 2003-04 compared to 8.8 per cent in 2002-03.

Construction sector too would witness a lower growth of 6.0 per cent this fiscal compared to 7.3 per cent in the previous fiscal.

Services sector continued to grow at over 6.0 per cent this fiscal with trade, hotel, transport and communication activities logging 10.9 per cent in 2003-04 compared to 7.0 per cent in 2002-03.

Growth in financing, insurance, real estate and business services was lower at 6.4 per cent this fiscal compared to 8.8 per cent in 2002-03.

Community, social and personal services grew by 5.9 per cent this fiscal compared to 5.8 per cent in the previous fiscal.

With higher growth in GDP, the per capita income of the 1.073 billion people was also estimated to go up by 6.6 per cent to Rs 11,684 in 2003-04 from Rs 10,964, CSO said.