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> Policies> economic survey 2000-01
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Economic Survey 2000-2001
[Review of Developments]
Trends in GDP
1.13 Overall GDP growth rate decelerated marginally from 6.6 per cent in 1998-99 to 6.4 per cent in 1999-2000 mainly due to a significant slowdown in agriculture and allied sector growth from 7.1 per cent in 1998-99 to a mere 0.7 per cent in 1999-2000 (Table 1.3), despite a record level of foodgrains production in 1999-2000. However, in 1999-2000, apart from electricity, gas and water supply, there was acceleration in growth rates of all other major sectors of the economy. There was a significant improvement in overall growth in industrial value added from 3.4 per cent in 1998-99 to 6.4 per cent in 1999-2000 due to acceleration of growth in value added by the manufacturing sector from only 2.5 per cent in 1998-99 to 6.8 per cent in 1999-2000, and that in construction from 6.1 per cent to 8.1 per cent over the same period. Within the industry sector, while mining and quarrying showed some improvement in 1999-2000, there was marked deceleration in the growth rate of electricity, gas and water supply.
1.14 Service sectors also performed exceptionally well in 1999-2000. Average growth rate of trade, hotels, transport and communications, improved from 7.1 per cent in 1998-99 to 8 per cent in 1999-2000 and that of financial, real estate & business services accelerated from 8.4 per cent to 10.1 per cent over the same period. Community, social and personal services also grew at a much faster rate in 1999-2000 than in 1998-99.
1.15 The advance estimates of GDP for 2000-01, made available by the CSO, indicate a lower GDP growth of 6 per cent in the current year. The decline is attributable to lower growth of the services sector. However, agriculture and allied sectors, along with industry, are expected to post marginally higher growth of value added compared to the previous year.
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