CMIE ups GDP

CMIE8217;s estimates for the decline in the agriculture sector during 1999/2000 were left unchanged at 1 per cent compared to a 7.2 per cent growth in 1998/99.

It said the severe water and fodder shortage in a few Indian states was unlikely to alter the agricultural output estimates for 1999/00 as much of the impact of low rains during the year had been factored in. Parts of India are facing the worst drought in 100 years following deficient rains during the past year.

The CMIE review estimated the Index for Industrial Production IIP to grow by 8.0 per cent in 1999/2000 against 4 per cent in the previous year. CMIE raised its estimate for the inflation rate in 1999/2000 measured by the wholesale price index WPI to 3.1 per cent from earlier projections of 3.0 per cent. WPI inflation was 6.9 per cent in 1998/99.