New Delhi: Government today (Feb 12, 2004) exuded confidence in sustaining gross domestic product (GDP) growth of over eight per cent in the next fiscal following a slew of economic policies announced during 2003-04.

"Most certainly it (over eight per cent GDP growth) is sustainable," S Narayan, Economic Advisor in the Prime Minister's Office, said on the sidelines of an Associated Chambers of Commerce and Industry of India (ASSOCHAM) seminar in New Delhi.

"The kind of steps and economic initiatives taken by the Government in the Budget and the packages announced before are all to make sure that growth is sustained," he said.

Narayan said the entire process of economic reforms focuses on value-addition in agriculture, manufacturing and services sectors.

The Central Statistical Organisation (CSO) has placed the advanced estimate of GDP growth at 8.1 per cent for this fiscal compared to four per cent in 2002-03.

CSO projected a high growth on the assumption that agriculture will grow by 9.1 per cent while manufacturing sector will log 7.1 per cent growth and services sector continues to grow over eight per cent.

The CSO growth projections for 2003-04 are in conformity with the Government's vision of attaining eight per cent average annual growth during the Tenth Plan period of 2002-07.

The Finance Ministry has projected a GDP growth of 7.5 to eight per cent for 2003-04, while independent research agencies have pegged it at over seven per cent.