union budget 2003 04 analysis should you require any clarifications on the information contained in this report call cris infac at its client servicing number 91 22 56913561 562 or e mail us clientservicing crisinfac com crisil february 28 i foreword 1 economy realism of assumptions and impact markets 4 detailed economic 6 industry overall sectoral 18 company auto ancillaries 26 capital goods cars utility vehicles 30 cement 32 chlor alkalies 34 cigarettes 36 commercial 38 consumer durables 40 cotton yarn 42 fertilisers 44 hotels 46 technology 48 man made fibres 50 non ferrous metals 52 oil gas 55 paints 58 paper 60 personal care detergents 64 petrochemicals basic polymers downstream 66 pharmaceuticals 68 shipping 70 steel 72 sugar 74 tea coffee 76 telecom cables 78 equipments 80 services 82 tractors 84 two wheelers 86 tyres 88 diversified companies 90 continued contents ii infrastructure ports 94 power 95 roads 96 other 97 banking financial sector 100
