India said interest rates on small savings schemes needed to be revised to bring them in line with market rates in its annual Economic Survey released on Thursday.

"There is a need to revise the rate of interest on small savings in line with movements in market-related interest rates," said the survey, an annual report card of the economy for the financial year ending March.

The survey said the interest burden of the government "may go up once interest rates start firming up".

Total receipts from relief bonds are expected to be 65 billion rupees in 2002-03, up from 45 billion in the previous year, it added.