New Delhi, Feb. 9: Ficci is not as despondent about economic outlook as the Central Statistical Organisation (CSO) which pared its advance estimate for 2002-03 to 4.4 per cent from 5.6 per cent in the previous year. In comparison, the chamber’s scaling back of its forecast is much smaller — from 5.9 per cent to 5.4 per cent.
“Our sectoral analysis shows that both the manufacuring and services sectors have rebounded this fiscal. It is the agriculture sector that is down in the dumps because of the drought last year,” said Ficci secretary general Amit Mitra.
The CSO advance estimates had drastically slashed the growth forecast on the back of indications that farm sector growth would slump to minus 3.1 per cent.
“We must wait for the fourth quarter figures to feed into the calculations. We have reason to remain optimistic about an economic rebound,” Mitra said.