GDP growth declines to 6.9 per cent

Economic growth slowed down to 6.9 per cent during 2004-05 as against 8.5 per cent during the previous fiscal, reflecting PM Manmohan Singh&...

Economic growth slowed down to 6.9 per cent during 2004-05 as against 8.5 per cent during the previous fiscal, reflecting PM Manmohan Singh’s scepticism on achieving the Tenth Plan target of 8 per cent GDP growth.

Although growth during 2004-05, powered by a 9.2 per cent surge in the manufacturing sector, is considered good, coming on top of a high base of 8.5 per cent, it is still lower than the growth registered during 2003-04.

In line with Singh’s observation, the agriculture growth plummeted to 1.1 per cent during 2004-05 as against a healthy 9.6 per cent growth during the previous fiscal.

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The GDP at factor cost stood at Rs 15,29,408 crore during 2004-05 as against Rs 14,30,548 crore during 2003-04 and 13,18,362 crore during 2002-03, the revised estimates of Central Statistical Organisation revealed.

As for the national income (at 1993-94 prices) the CSO revised estimates for GNP at factor cost stood for the 2004-05 fiscal year stood at Rs 15,19,479 crore as against Rs 14,22,479 crore (quick estimates) during 2003-04.

The GDP for the previous financial year stood at Rs 15,29,408 crore as against Rs 14,305,548 crore for 2003-04.

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