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Indian economy grows 9.2%
Quarterly Estimates Of Gross Domestic Product For The Second Quarter (July-September 2006)

The Central Statistical Organisation (CSO), Ministry of Statistics and Programme Implementation has released the quarterly estimates of Gross Domestic Product (GDP) for the second quarter, July-September (Q2) of 2006-07, both at constant (1999-2000) and current prices. The details of the estimates are presented below.

Estimates at constant (1999-2000) prices

2. Quarterly GDP at factor cost at constant (1999-2000) prices for Q2 of 2006-07 is estimated at Rs. 6,47,290 crore, as against Rs. 5,92,652 crore in Q2 of 2005-06, showing a growth rate of 9.2 per cent over the corresponding quarter of previous year.

3. The sectors which registered significant growth in Q2 of 2006-07 over Q2 of 2005-06 are ‘manufacturing’ at 11.9 per cent, ‘electricity, gas and water supply’ sector at 7.7 per cent, ‘construction’ at 9.8 per cent, ‘trade, hotels, transport and communication’ at 13.9 per cent, ‘financing, insurance, real estate and business services’ at 9.5 per cent, and ‘community, social and personal services’ at 6.9 per cent. The growth rate in ‘agriculture, forestry & fishing’ at 1.7 per cent, and ‘mining and quarrying’ sector at 3.1 per cent registered growth rates of less than 5.0 per cent in Q2 of 2006-07.

4. According to the information furnished by the Department of Agriculture & Cooperation (DAC) on the likely production of crops during the Kharif season of 2006-07, which has been used in compiling the estimates of GDP from agriculture in Q2 of 2006-07, the production of rice, coarse cereals, and pulses is likely to register growth rates of (-) 2.9 per cent, (-) 9.2 per cent, and 6.7 per cent, respectively during the Kharif season of 2006-07 over the corresponding season in the previous year. Among the commercial crops, production of oilseeds is expected to decline by 21.4 per cent during the Kharif season of 2006-07. While production of cotton is expected to decrease by 7.3 per cent, that of sugarcane is expected to increase by 1.8 per cent, during 2006-07 over their estimated production in the previous year.

5. According to the latest estimates available on the Index of Industrial Production (IIP), the index of mining, manufacturing and electricity registered growth rates of 2.6 per cent, 12.4 per cent, and 8.0 per cent, respectively during Q2 of 2006-07 as compared to the growth rates of (-) 2.1 per cent, 7.8 per cent, and 2.0 per cent in these sectors during Q2 of 2005-06. The key indicators of construction sector, namely, cement and steel registered growth rates of 10.4 per cent and 7.6 per cent, respectively during Q2 of 2006-07.

6. Among the services sectors, the key indicators of railways, namely, the net tonne kilometers and passenger kilometers have shown growth rates of 8.2 per cent and 14.2 per cent, respectively during Q2 of 2006-07. The other key indicators, namely, production of commercial vehicles, cargo handled at major ports, passengers handled by civil aviation, total stock of telephones including WLL and cellular phones, aggregate bank deposits, bank credits and total expenditure of central government, respectively have shown growth rates of 31.1 per cent, 5.9 per cent, 27.7 per cent, 49.9 per cent, 19.7 per cent, 29.7 per cent and 19.4 per cent, during Q2 of 2006-07 over Q2 of 2005-06.

Estimates at current prices

7. GDP at factor cost at current prices in Q2 of 2006-07 is estimated at Rs. 8,38,367 crore, as against Rs. 7,35,461 crore in Q2, 2005-06, showing a rise of 14.0 per cent.

8. The wholesale price index (WPI) in respect of the groups, food articles, fish, minerals, manufactured products, electricity, and all commodities, has risen by 6.2 per cent, 3.0 per cent, 33.4 per cent, 3.8 per cent, 0.2 per cent and 5.0 per cent, respectively during Q2 of 2006-07 over Q2 of 2005-06. The consumer price index for industrial workers (CPI-IW) has shown a rise of 6.6 per cent during Q2 of 2006-07 over Q2 of 2005-06.

9. Estimates of GDP at factor cost and the growth rates, by kind of economic activity, for Q2 and H1 (April-September) of 2006-07 and the corresponding periods in 2005-06 at constant (1999-2000) and current prices, are given in Statements 1 to 4.

10. The next release of quarterly GDP estimates for the quarter October-December, 2006 (Q3 of 2006-07) will be on 28.02.2007

Indian economy has responded well to the reforms
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