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India's GDP grows 9.3% in Q1

August 31, 2007 12:50 IST









Continuing the upswing on the strength of the good showing by manufacturing sector, the economy grew by 9.3 per cent during the April-June quarter of the current financial year.

Though the growth in the first quarter is marginally less than 9.6 per cent recorded during comparable period last year, the economy has done commendably well as it comes on top of high 9.4 per cent growth recorded during 2006-07.

As per the data released by the government on the performance of the economy, the manufacturing sector grew by 11.9 per cent which is lower than 12.3 per cent recorded during the first quarter of 2006-07.

Growth in agriculture, forestry and fishing was 3.8 per cent while mining and quarrying sector grew by 3.2 per cent.

Trade, hotels, transport and communication registered a growth rate of 12 per cent. Finance, insurance, real estate and business services grew at 11 per cent during the quarter.

At constant prices (1999-2000), quarterly GDP for the first quarter is estimated at Rs 7,23,132 crore as against Rs 6,61,335 crore in the same period last fiscal.

At current prices, GDP is estimated at Rs 9,78,760 crore (Rs 9,787.6 billion) as against Rs 8,50,797 crore (Rs 8,507.97 billion) in the first quarter of 2006-07, showing an increase of 15 per cent.

The wholesale price index for food articles, fish, minerals, manufactured products, electricity and all commodities has risen by 8 per cent, 3.4 per cent, 13 per cent, 5.7 per cent, 2.4 per cent and 5.4 per cent respectively during the quarter.

The consumer price index for industrial workers rose 6.3 per cent in the quarter.