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Journalism of Courage
The production of major agricultural crops is likely to drop by 12 per cent for 2002-03, reflecting an adverse impact of poor monsoon, according to Centre for Monitoring Indian Economy (CMIE).
Though the total foodgrains production has been revised upwards to 184.06 million tonnes in third advance estimates, the output for FY-03 would be 13.6 per cent lower than the one for 2001-02, CMIE stated. The non-food crops are estimated to show a steeper drop of 9.5 per cent in 2002-03. Earlier, it was pegged at 8.9 per cent, it said.
The combined effect of revision in food and non-food crop estimates would be negligible on the overall rate of fall in agriculture production, cmie said. Given the severity of drought in 2002, it was unlikely that livestock, forestry and fishing would record any healthy growth rate in fy-03, it added.
The agriculture was likely to show a decline of more than 2 per cent as seen in the first three quarters of 2002-03. It was expected to record a fall of 4.4 per cent in the fy-03. This would have an adverse impact on industrial sector with a estimated growth of 4.9 per cent, cmie said. The services sector is expected to record a 7 per cent growth in 2002-03, it added.
