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| Govt pegs GDP growth at 7.2% |
| Press Trust of India / New Delhi Feb 08, 2010, 11:06 IST |
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The government today estimated the economy to grow by 7.2 per cent in financial year 2009-10, against 6.7 per cent a year ago, despite contraction in farm production.
The projected GDP figure for the current fiscal, as put out by the advanced estimates of the Central Statistical Organisation, is lower than the Reserve Bank and the Finance Ministry's forecasts.
The Finance Ministry pegged GDP growth at 7.75 per cent in the mid-term economic review, while the RBI projected the economy to grow by 7.5 per cent in its quarterly monetary policy review last month.
However, the economy is likely to grow at a higher pace in the second half than seven per cent in the first half.
According to the data released today, agriculture and allied activities are, however, projected to shrink by 0.2 per cent this fiscal against 1.6 per cent a year ago.
The projected growth this fiscal is likely to be driven by 8.9 per cent expansion in the manufacturing sector against 3.2 per cent a year ago.
This sector in particular had got various stimulus doses from the government in the wake of the global financial crisis.
According to the advanced estimates, mining and quarrying is likely to grow by 8.7 per cent compared with 1.6 per cent a year ago, while electricity, gas and water supply by 8.2 per cent against 3.9 per cent.
Trade, hotel, transport and communication is also projected to rise by 8.3 per cent against 7.6 per cent last year and construction by 6.5 per cent in FY10 from 5.9 per cent in FY09.
However, financing, insurance, real estate and business services are likely witness fall in expansion and grow by 9.9 per cent this fiscal against 10.1 per cent last fiscal and community social and personal services by 8.2 per cent compared with 13.9 per cent.
Advanced estimates are released before the end of a fiscal year to enable the government estimate various figures like fiscal deficit in the Budget.
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