New Delhi, May 27: Reserve Bank on Tuesday stuck to its projection of 6.0 per cent economic growth during 2003-04 on the hope of a normal monsoon. "The (6.0 per cent) projection is based on 96 per cent monsoon. As of now it remains so. Let's see what happens," RBI Governor Bimal Jalan said.
In its April Credit Policy, RBI projected a higher growth during 2003-04 backed by a better agriculture output, industrial revival and robust performance of service sector.

The central bank's projection is based on the assumption of satisfactory spatial distribution of monsoon. The Indian Meteorological Department forecast normal 96 per cent rainfall for this fiscal.
This was in the backdrop of a dismal 4.4 per cent GDP growth during 2002-03 estimated by CSO mainly due to a 3.1 per cent fall in farm produce last fiscal.
Jalan also expressed confidence that inflation rate will fall gradually. The WPI-based inflation rate slid for the fourth consecutive week to 5.9 per cent for week-ended May 10. Bureau Report