The dismal 4 per cent Gross Domestic Product (GDP) growth in 2002-03 means the per capita income has risen a mere 1.8 per cent against the 4.5 per cent growth in the previous financial year.
Consumption expenditure per head has also increased just 1.8 per cent in 2002-03 against a 3.9 per cent hike in 2001-02.
Figures released by the Central Statistical Organisation (CSO) yesterday show that per capita income in 2002-03 is Rs 10,964, up from Rs 10,774 in 2001-02.
Per capita private final consumption expenditure (PFCE) has increased 1.8 per cent to Rs 8,505 in 2002-03, from Rs 8,358 in 2001-02.
Expenditure on cereals and bread, pulses, oil and oil seeds, fruits and vegetables and footwear has slipped compared with the previous year, while that on all other items has risen.
National income, or net national product at factor cost at constant (1993-94) prices, in 2002-03 has been estimated at Rs 11,56,714 crore against Rs 11,17,282 crore in 2001-02, an increase of 3.5 per cent.
Against this, the national income had reported a 6.3 per cent growth in 2001-02.
PFCE in the domestic market at constant prices, has gone up 3.5 per cent, and has been estimated at Rs 8,97,243 crore in 2002-03 against Rs 8,66,736 crore in 2001-02.
The savings rate and the rate of gross capital formation have increased.
However, the rate of capital formation has been lower than the savings rate on account of a net capital outflow of Rs 22,664 crore from the economy during the year.
The savings rate (at current prices) in the economy has increased to 24.2 per cent from a level of 23.5 per cent in the previous year.
The gross domestic savings (GDS) figure for the three sectors — households, corporate and government — has improved in 2002-03. Dissavings of the public sector have fallen from Rs 62,704 crore to Rs 45,730 crore in 2002-03.
The fall has been mainly on account of a rise in savings of non-departmental enterprises from Rs 75.035 crore to Rs 91,909 crore.
The rate of gross capital formation at current prices has been 23.3 per cent in 2002-03 against 23.1 per cent in 2001-02.
Gross fixed capital formation has amounted to Rs 5,55,215 crore in 2002-03 against Rs 5,00,411 crore in 2001-02.