The government on Friday revised downwards the gross domestic product growth estimates for 2002-03 to 4 per cent in the quick estimates from 4.3 per cent, as reported in the revised estimates in June 2003.

Economic growth in 2001-02 was 5.8 per cent, according to the Central Statistical Organisation data released on Friday.

The downward revision in growth for the previous fiscal will push up the economic growth figures for 2003-04.

The first half of the current fiscal has seen the economy grow at a 7 per cent rate and the government is projecting around 8 per cent growth for the full year.

The quick estimates show that the GDP at factor cost at constant (1993-94) prices is estimated at Rs 1,318,321 crore (Rs 13,183.21 billion) as against Rs 1,267,833 crore (Rs 12,678.33 billion) in 2001-02.

The quick estimates put the fall in growth in agriculture, forestry and fishing in 2002-03 at 5.2 per cent as against a rise of 6.5 per cent in 2001-02.

The revised estimates released in July 2003 had put the contraction in this sector in 2002-03 at 3.2 per cent, as against a growth of 5.7 per cent in 2001-02.

The worse than expected performance in agriculture (6 per cent fall in production in 2002-03), coupled with the bumper crop in the current fiscal on account of a good monsoon, could raise the agricultural growth to the double-digit range.

The CSO data also show a 1.8 per cent rise in per person income from Rs 10,774 in 2001-02 to Rs 10,964 in 2002-03. Per capita private final consumption expenditure also rose by 1.8 per cent to Rs 8,505 in 2002-03 from Rs 8,358 in 2001-02.

The savings rate in the economy rose to 24.2 per cent from a level of 23.5 per cent in the previous year, at current prices.

The gross domestic savings figure for the households, corporate and government sectors improved in 2002-03.