Central Statistical Organisation has calculated that economy has grown by 6.1% during the H1 of 2009-10. While this is below the 7.8% YoY increase in real gross domestic product for April to June 2008-09 it is however slightly higher than the 5.8% growth rate recorded during the October to December 2008 and January to March 2009 quarters.
During April to June this year, industry grew by 4.2% compared with minus 0.5% and 1.6% in the preceding two quarters. However, doubts persist whether the recovery trend will continue in the coming quarters due to the failure of the monsoon and its impact on agriculture.
Though the farm sector grew by 2.4% in the first quarter, the figure does not capture the impact of the country wide drought, which will be felt only from the October to December quarter, when the current kharif crop is harvested.
If the farm economy’s decline is restricted to 2.5% the overall GDP growth for 2009-10 will still be around 6.3% experts aver.
According Mr Montek Singh Ahluwalia deputy chairman of Planning Commission, The worst may be over for the economy and growth will improve in the coming quarters.
(Sourced from http://www.steelguru.com/news/index/2009/09/14/MTExNTkz/Macroeconomic_indicators_-_CSO_estimates_6_pct_economic_growth_in_H1.html)
Sunday, September 13, 2009
Macroeconomic indicators - CSO estimates 6 pct economic growth in H1
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