New Delhi, June 28: 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 noon on Monday.
The mid-range growth forecast of 10 economists surveyed by Reuters on Friday was 4.8 per cent with the lowest estimate 4.1 per cent and the highest 5.4 per cent. The World Bank ranks India as the world's 12th largest economy.
The economy expanded six 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. Bureau Report