Run Up To Budget 2003
The finance ministry has decided to target a 6 per cent growth rate in gross domestic product for the next financial year against the ambitious 8 per cent growth rate projected by the Planning Commission.
Finance Minister Jaswant Singh is scheduled to meet Prime Minister Atal Bihari Vajpayee tomorrow to apprise him of the broad contours of the budget.
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The macro projections for 2003-04 include a 6-6.5 per cent GDP growth rate and a 4 per cent year-on-year inflation target.
The Central Statistical Organisation (CSO) is expected to release the advance estimates of the growth rate of the economy for 2002-03 on Friday.
For 2002-03, it is expected to be about 5.5 per cent. The CSO also advises the Centre on the band within which the economy would grow in the next financial year.
According to finance ministry officials, the allocations for the different ministries were being based on an estimated GDP growth rate of 6-6.5 per cent.
The ministry