India's GDP records six percent growth in Q1

Tuesday, 01 October 2002, 19:30 IST
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Reflecting an upturn in the manufacturing and the farm sectors during the early part of this year, India's gross domestic product (GDP) grew six percent in April-June 2002-03, compared with 3.5 percent in the corresponding period last year.

NEW DELHI: Quarterly GDP at factor cost at constant (1993-94) prices for April-June is estimated at 3.12 trillion, as against 2.94 trillion in Q1 of 2001-02, showing a growth rate of 6.0 percent. The farm sector, including agriculture, forestry and fishing, grew by 4.4 percent in the first quarter compared to 1.1 percent a year earlier, according to estimates released Monday by the Central Statistical Organization (CSO). Based on constant 1993-94 prices, the CSO estimates show that the manufacturing sector grew by 3.8 percent in the first quarter compared with 2.7 percent in the corresponding period last year. The sectors which registered significant growth in Q1 of 2002-03 over last year are mining and quarrying at 5.3 percent, electricity, gas and water supply at 5.3 percent, construction at 6.3 percent, trade, hotels, transport and communication at 7.4 percent, financing, insurance, real estate and business services at 9.7 percent and community, social and personal services at 5.6 percent. According to the Department of Agriculture and Cooperation, during the rabi (winter) crop season ended June 2002, the rice crop recorded 6.2 percent growth, wheat 3.9 percent, coarse cereals 26.2 percent and pulses 36.0 percent over the corresponding season in the previous year. Among the commercial crops, the production of oilseeds registered a growth of 14.3 percent during the rabi season of 2001-02. While cotton recorded 21.1 percent growth, sugarcane dipped 2.3 percent in production during 2001-02. The latest estimates on the Index of Industrial Production (IIP) indicate that mining grew 7.0 percent in Q1 of 2002-03 over the corresponding period last year, reversing the dip of 1.5 percent. Electricity supplies registered 3.7 percent growth over 2.2 percent in the corresponding quarter of 2001-02. The key indicators of the construction sector -- cement and finished steel -- registered growth rates of 8.1 percent and 6.9 percent respectively during Q1 of 2002-03. Among the services sectors, the railways registered 8.7 percent growth in net tonne kilometer, but in passenger kilometers there was a 0.7 percent dip. Production of commercial vehicles went up by 34.3 percent, cargo handled at major ports by 12.4 percent, aggregate bank deposits by 18.4 percent, bank credits by 24.8 percent and revenue expenditure of the central government by 16.3 percent during Q1 of 2002-03 over the corresponding quarter last year.
Source: IANS