New Delhi, April 27: Industry isn’t dampened by the India Meteorological Department’s first forecast of another bad monsoon this year and expects a 2 per cent growth in agriculture in 2003-04.
In its State of the Economy report for 2003, the Confederation of Indian Industry says: “While agricultural growth is difficult to predict, it is likely to rebound to normal levels. Given the low base of 2002-03, our forecast of 2 per cent in agriculture is on the conservative side.”
Last year, there was a major drought in Rajasthan, Andhra Pradesh, Madhya Pradesh and Chattisgarh. The Centre said in its Economic Survey in February that agriculture growth would be a negative 3.1 per cent in 2002-03.
The chamber said that the manufacturing sector too has been showing signs of an upturn.