New Delhi: The economy is poised to grow by 8.1 per cent this fiscal powered by a 9.1 per cent rise in farm output, according to the advanced estimates of Central Statistical Organisation (CSO).

"The growth in GDP during 2003-04 is estimated at 8.1 per cent as compared to 4.0 per cent during 2002-03," CSO said releasing the advanced estimates in New Delhi today (Feb 9, 2004).

The GDP at factor cost at constant prices is likely to attain a level of Rs 14,24,507 crore as against the quick estimates of Rs 13,18,321 crore in 2002-03, mainly due to high growth in agriculture, manufacturing and services sectors.

After a good monsoon last year, agriculture growth is estimated at 9.1 per cent in 2003-04 compared to a fall of 5.2 per cent in 2002-03.

Manufacturing sector is expected to log 7.1 per cent growth this fiscal compared to 6.2 per cent last fiscal.

Electricity, gas and water supply is slated to grow by 5.4 per cent in 2003-04 compared to 3.8 per cent in 2002-03.

Growth in mining and quarrying activities is estimated to have slowed down. The growth in the sector would be only 4.0 per cent in 2003-04 compared to 8.8 per cent in 2002-03.

Construction sector too would witness a lower growth of 6.0 per cent this fiscal compared to 7.3 per cent in the previous fiscal.