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India’s economy grew an unexpectedly robust 8.4 per cent in the second quarter of 2003-04, making it one of the fastest growing in the world. Driven mainly by trade, services, agriculture and manufacturing, the GDP at factor cost at constant prices during July-September 2003 was Rs 323,414 crore, against Rs 298,345 crore in the corresponding period of 2002.
The impressive turnaround in the economy was spearheaded by an 11.9 per cent growth in trade, hotels, transport and communication, which at Rs 83,495 crore accounted for 26 per cent of the GDP. Construction, mining and electricity were the only sectors to grow at less than 7 per cent.
The community, social and personal services sector grew 8.9 per cent, while financial services reported a 7.3 per cent growth during the quarter. Agriculture, which at Rs 57,033 crore contributed 17.6 per cent of the GDP, grew 7.4 per cent during July-September 2003, against 3.5 per cent in the corresponding period last year.
.... Read about Indian economy in the third quarter
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