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According to data released by the Central Statistical Organisation, India’s gross domestic product (GDP) growth rate in the third quarter of 2003-04 is estimated at 10.4 per cent, higher than that of all other emerging economies.
While China’s GDP grew 9.9 per cent during the corresponding period, Argentina’s grew 9.8 per cent. The Indian economy grew just 2.2 per cent during the corresponding period of the previous fiscal.
Double-digit GDP growth during October-December 2003 came on the back of a robust 16.9 per cent growth in agriculture, forestry and fishing and 13.1 per cent growth in trade, hotels, transport and communications over the corresponding period in the previous fiscal. The manufacturing sector grew 7.4 per cent, while the financing, insurance, real estate and business services sector grew 7.7 per cent.
The Indian economy grew 8.2 per cent during April-December 2003, compared with 4.1 per cent in the first nine months of the previous fiscal. While in the first quarter of this fiscal the GDP grew 5.7 per cent, in the July-September quarter it grew 8.4 per cent.
India’s economy has grown over 8 per cent only twice in the past, 9 per cent in 1975-76 and 10.5 per cent in 1988-89. Subir Gokarn, chief economist, Crisil, said the 10.4 per cent third quarter-growth in the current fiscal was the highest published quarterly growth rate recorded by India.
For the full fiscal, GDP growth rate is expected to exceed the 8.1 per cent advance estimates of the Central Statistical Organisation. Already, DSP Merrill Lynch (DSP ML)has raised India's economic growth forecast for the year 2003-04 to 8.5% from 8% pegged earlier.
.... Read about Indian economy in the second quarter
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