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Indian economy grows 9.4% in FY07
Thursday, May 31, 2007
Indian economy grew by 9.4 per cent in 2006-07 against nine per cent in the previous year.
However, gross domestic product growth slowed down to 9.1 per cent during January-March 2006-07 against 10 per cent in the same quarter of the previous fiscal.
GDP growth during the fourth quarter was, however, higher sequentially as it was 8.7 per cent in the previous quarter of 2006-07.
Manufacturing grew by 12.3 per cent in 2006-07 against 9.1 per cent in the previous year, while trade, hotels, transport and communication grew by 13 per cent against 10.4 per cent.
Agriculture and allied sector`s growth slowed down to 2.7 per cent against six per cent and construction to 10.7 per cent against 14.2 per cent.
Mining and quarrying grew by 5.1 per cent during 2006-07 against 3.6 per cent in the previous fiscal, while electricity, gas and water supply by registered 7.4 per cent growth against 5.3 per cent.
Community, social and personal services grew by 7.8 per cent against 7.7 per cent.
Insurance growth slows
However, services relating to financing, insurance, real estate and business growth slowed down to 10.6 per cent against 10.9 per cent.
The GDP growth was higher during 2006-07 as against projection of 9.2 per cent made in the quick estimates by Central Statistical Organisation (CSO).
In absolute terms, GDP stood at Rs 28,48,157 crore during 2006-07 against Rs 28,44,022 crore estimated earlier.
RBI has projected the economy to grow at a slower rate of 8.5 per cent this fiscal.
The estimates put out by CSO revised upwards the earlier figures projected for the first three quarters of 2006-07.
GDP growth figure for the first quarter was revised to 9.6 per cent from 8.9 per cent, 10.2 per cent from 9.2 per cent for the second quarter and 8.7 per cent from 8.6 per cent for the third quarter.
Per capita income stood at Rs 22,483 during 2006-07 against Rs 20,734 in the previous fiscal. Income of an Indian on an average grew by 8.4 per cent in real terms (based on 1999-2000) prices.
If inflation is not taken into account, the per capita income grew by 14.3 per cent at Rs 29,382 in 2006-07 against Rs 25,716 in the previous year.
Growth in Q4
For the fourth quarter of 2006-07, agriculture, construction, services relating to financing, insurance, real estate and social services growth slowed down year-on-year.
Agriculture growth went down to 3.8 per cent against 6.2 per cent, construction to 11.2 per cent from 16.1 per cent, services relating to financing insurance, real estate and business to 9.3 per cent from 14.2 per cent.
Manufacturing grew to 12.4 per cent against 9.4 per cent, and trade, hotels, transport and communication activities to 12.4 per cent against 11.8 per cent.
Mining and quarrying also grew by 7.1 per cent against 5.2 per cent, while electricity, gas and water supply by 6.9 per cent from 6.1 per cent.
The net national income (which takes exports and imports into account) grew by 9.9 per cent in 2006-07 compared to 9.1 per cent in the previous fiscal.
However, gross domestic product growth slowed down to 9.1 per cent during January-March 2006-07 against 10 per cent in the same quarter of the previous fiscal.
GDP growth during the fourth quarter was, however, higher sequentially as it was 8.7 per cent in the previous quarter of 2006-07.
Manufacturing grew by 12.3 per cent in 2006-07 against 9.1 per cent in the previous year, while trade, hotels, transport and communication grew by 13 per cent against 10.4 per cent.
Agriculture and allied sector`s growth slowed down to 2.7 per cent against six per cent and construction to 10.7 per cent against 14.2 per cent.
Mining and quarrying grew by 5.1 per cent during 2006-07 against 3.6 per cent in the previous fiscal, while electricity, gas and water supply by registered 7.4 per cent growth against 5.3 per cent.
Community, social and personal services grew by 7.8 per cent against 7.7 per cent.
Insurance growth slows
However, services relating to financing, insurance, real estate and business growth slowed down to 10.6 per cent against 10.9 per cent.
The GDP growth was higher during 2006-07 as against projection of 9.2 per cent made in the quick estimates by Central Statistical Organisation (CSO).
In absolute terms, GDP stood at Rs 28,48,157 crore during 2006-07 against Rs 28,44,022 crore estimated earlier.
RBI has projected the economy to grow at a slower rate of 8.5 per cent this fiscal.
The estimates put out by CSO revised upwards the earlier figures projected for the first three quarters of 2006-07.
GDP growth figure for the first quarter was revised to 9.6 per cent from 8.9 per cent, 10.2 per cent from 9.2 per cent for the second quarter and 8.7 per cent from 8.6 per cent for the third quarter.
Per capita income stood at Rs 22,483 during 2006-07 against Rs 20,734 in the previous fiscal. Income of an Indian on an average grew by 8.4 per cent in real terms (based on 1999-2000) prices.
If inflation is not taken into account, the per capita income grew by 14.3 per cent at Rs 29,382 in 2006-07 against Rs 25,716 in the previous year.
Growth in Q4
For the fourth quarter of 2006-07, agriculture, construction, services relating to financing, insurance, real estate and social services growth slowed down year-on-year.
Agriculture growth went down to 3.8 per cent against 6.2 per cent, construction to 11.2 per cent from 16.1 per cent, services relating to financing insurance, real estate and business to 9.3 per cent from 14.2 per cent.
Manufacturing grew to 12.4 per cent against 9.4 per cent, and trade, hotels, transport and communication activities to 12.4 per cent against 11.8 per cent.
Mining and quarrying also grew by 7.1 per cent against 5.2 per cent, while electricity, gas and water supply by 6.9 per cent from 6.1 per cent.
The net national income (which takes exports and imports into account) grew by 9.9 per cent in 2006-07 compared to 9.1 per cent in the previous fiscal.
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