New Delhi: Indian economy grew by a robust 8.9 per cent in the first quarter this fiscal compared to 8.5 per cent in the corresponding period last fiscal, on the back of a strong growth in manufacturing and services sectors.
While agriculture remained stagnant at 3.4 per cent during April-June 2006-07, manufacturing sector rose 11.3 per cent in the first three months of the current fiscal as against 10.7 per cent in the same period of 2005-06, according to government data released today.
In services, trade, hotels, transport and communications sector showed the highest growth of 13.2 per cent in the first quarter compared to 11.7 per cent in the year-ago period.
Construction sector, however, slowed down to 9.5 per cent this year from 12.5 per cent, while growth in electricity, gas and water supply slipped to 5.4 per cent from 7.4 per cent in April-June 2005-06.
Mining sector registered a growth of 3.4 per cent this fiscal compared to 3.1 per cent. Financing, insurance, real estate and business services grew marginally higher at 8.9 per cent as against 8.8 per cent, and community, social and personal services rose by 7.4 per cent from 7.3 per cent in the corresponding period of last year.
In rupee terms, GDP at factor cost stood at Rs 6,56,064 crore in the first quarter this fiscal as against Rs 6,02,476 crore in April-June 2005-06.
GDP at factor cost at current prices in Q1 of 2006-07 is estimated at Rs 8,35,109 crore, as against Rs 7,34,510 crore in Q1 2005-06, an increase of 13.7 per cent.
According to the Department of Agriculture and Cooperation (DAC), the crops - rice, wheat, coarse cereals and pulses during the Rabi season (ended in June 2006) recorded growth rates of 19.3 per cent, 1.2 per cent, 8.0 per cent, and 0.5 per cent respectively over the corresponding season in the previous agriculture year.
Among the commercial crops, the production of oil seeds increased by 6.7 per cent during the Rabi season of 2005-06, while production of cotton and sugarcane recorded growth rates of 19.1 per cent and 17.4 per cent, respectively during the agriculture year 2005-06.
Among the services sectors, the key indicators of railways, namely the net tonne kilometres and passenger kilometres have shown growth rates of 10.7 per cent and 12.0 per cent respectively during the first quarter of the current financial year.
In the transport and communication sectors, the production of commercial vehicles grew by 36.2 per cent, cargo handled at major ports rose 6.4 per cent whereas cargo handled by the civil aviation registered a growth of 12.7 per cent.
Passengers handled by the civil aviation climbed by 32.2 per cent while the total stock of telephone connections (including WLL and cellular) registered the highest growth rate of 48.9 per cent during the reported period.
The other key indicators namely aggregate bank deposits and bank credits have shown growth rates of 19.6 per cent, and 31.0 per cent, respectively during Q1 of 2006-07 over Q1 of 2005-06.
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