The government's mid-year review set a tough agenda for the remaining six months of the financial year to March to boost GDP growth further in the world's 12th largest economy.
This is the first time the government has undertaken a mid-year review of the economy.
The review, which outlined challenges facing the country of more than a billion people, said growth had been hit by a series of events so far including the worst drought in more than a decade and a border standoff with Pakistan.
Following are the highlights of the mid-year economic review presented by Finance Minister
Jaswant Singh in Parliament on Tuesday:
Economy to grow by 5-5.5 per cent in 2002-03.
Fiscal deficit marginally up at Rs 57,746 crore (Rs 577.46 billion).
Revenue receipts increase by 15.9 per cent in H1; total receipts increase by 12 per cent.
Revenue and capital expenditure increase by 13.5 and 3.6 per cent respectively.
Foodgrain stocks at 51.4 million tonnes as on October 1.
Foreign exchange reserves cross $66 billion in November.
Merchandise exports increase 13.5 per cent in dollar terms in April-September.
Negative growth in imports in 2001-02 mainly on account of 10.5 per cent decrease in oil import bill.
Current account surplus at $325 million in first quarter of 2002-03.
FDI inflows were $1,358 million in April-August, lower than the $1,469 million a year ago.
Bank credit to commercial sector increases by 11.3 per cent.
Domestic capital markets remains subdued with only six issues (worth Rs 952 crore) in first half of current year.
Net resources raised by mutual funds during the first half were lower than that during the corresponding period last year.
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