Press Release No. 2003-2004/580 dated 3rd November, 2003 issued by the Reserve Bank of India, Mumbaiis reproduced below: Highlights Statement follows the pattern already set in the previous years ― both in outline and substance. Domestic Developments 1. GDP growth in 2003-04 placed at 6.5-7.0 per cent, with an upward bias, compared to 6.0 per cent projected in April. 2. Inflation projected for policy purposes at 4.0-4.5 per cent, with a possible downward bias, as compared with earlier projection of 5.0-5.5 per cent. 3. Money Supply (M_3) growth within the projected level as envisaged in April. 4. Lower increase in reserve money despite sharp increase in forex inflows. 5. Total resource flow to the commercial sector around the same level as last year. 6. Government borrowing of over 60 per cent of the budgeted amount completed with longer maturities and at lower cost to Government. 7. Fiscal deficit as at end-September higher compared to last year. 8. Reduction in interest rates in financial markets and deposits observed. 9. Noticeable reduction in banks' lending rates except for corporates and housing segment yet to take place.
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