Mid-Year Review of the Indian Economy - 2003-2004

Finally, a word of thanks to all those who were present and who participated in the discussions, which added to the overall value of the discussions in assessing the state of the economy in mid year along with an assessment of prospects for the future. [...] 22 Mid -Year Review of the Indian Economy 2003-2004 32 days of the monsoon season, that is, up to the 2nd of July the monsoon rainfall was normal to excess in 30 of the total 36 agro-meteorological sub-divisions of the country. [...] This is because at the aggregate regional level, the monsoon rainfall was in excess of the normal rain- fall in three of the four major zones of the country—the east- ern region, the western region and the northern region (Table 2.3). [...] The differences in the estimated rates of growth between our estimates and the preliminary estimates released by the ministry of agriculture are due to the differences in methods used to estimate the output growth. [...] But, the draft that was prepared by the WTO secretariat for the ministerial meeting before the conference while tried to marry the two proposals, however, took most of the elements suggested by the US and the EC in their framework.