The prolonged dry spell and the expansive drought conditions last year appears to have had a serious impact on the country's economic prospects, with the government downgrading the GDP growth projections during 2002-03 to 4.4 per cent, but pinning its hopes on services and industry to perk up the economy. The Pre-Budget Economic Survey, presented by Union Finance Minister Jaswant Singh to parliament, identified the three areas of infrastructure, tax and regulatory reforms, and fiscal consolidation as the main contours of the country's economic growth policy.