The ongoing reforms and stress on infrastructure development and fiscal consolidation would have a positive influence on GDP growth, which averaged 5.9 per cent during 1992-2003.
"The average growth rate for the period 1992-93 to 2002-03, subsequent to the introduction of economic reforms is 5.9 per cent compared to the average growth rate of 5.8 per cent during 1980-90," Minister of State for Finance Anandrao V Adsul informed the Lok Sabha on Friday.
Since 1991, he said, "The government is continuing with economic reforms in trade, industry, financial sector, etc to improve efficiency, productivity and competitiveness of Indian industry and induce dynamism to the overall growth process."
The Union Budget for 2003-04 has proposed a number of initiatives such as promotion of infrastructure development by leveraging public money through private sector participation, promoting private investment and measures aimed at fiscal consolidation, he said.
"These initiatives are expected to have a positive influence on the growth of economy," Adsul said.
The GDP growth peaked to 7.8 per cent in 1996-97 from 1.3 per cent in 1991-92. Last fiscal, the GDP growth faltered to 4.3 per cent from 5.6 per cent in 2001-02.
Economic growth was highest during 1994-97. During 1994-95, the GDP growth touched 7.3 per cent which was sustained next fiscal and then it accelerated to 7.8 per cent in 1997-98.
During the 1980s, GDP peaked at 10.5 per cent in 1988-89 and was lowest at 3.1 per cent in 1982-83.
