Domestic Economy registeres mere 4.7 per cent growth in Q3 FY14 over the corresponding quarter of previous year

As per the data released by the Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation the Quarterly GDP at factor cost at constant (2004-05) prices for Q3 of 2013-14 is estimated at Rs 14.8 lakh crore, as against Rs 14.1 lakh crore in Q3 of 2012-13, showing a growth rate of 4.7 per cent over the corresponding quarter of previous year. As per the revision policy, quarterly estimates and growth rates of 2011-12 and 2012-13 have undergone revision on account of revision in annual estimates of 2011-12 and 2012-13.However, the growth rates of Q1 and Q2 estimates of 2013-14 have not been revised and would undergo revision only at the time of the release of fourth quarter estimates and Provisional estimates for the year 2013-14 to be released on 31st May 2014. Therefore, Q1 and Q2 GDP estimates given in this release are based on Provisional estimates of 2012-13 released in May 2013, while the Q3 estimates are based on the First Revised estimates of 2013-14 released in January 2014.

The economic activities which registered significant growth in Q3 of 2013-14 over Q3 of 2012-13 are, 'financing, insurance, real estate and business services' at 12.5 per cent, 'community, social & personal services' at 7.0 per cent, 'electricity, gas & water supply' at 5.0 per cent, 'trade, hotels, transport and communication' at 4.3 per cent and 'agriculture, forestry & fishing' at 3.6 per cent. The growth rate in 'construction', 'mining and quarrying' and 'manufacturing' is estimated at 0.6 per cent, (-) 1.6 per cent and (-)1.9 per cent, respectively in this period.

 

According to the second advance estimates of production of crops released on 14 February 2013 by the Department of Agriculture and Cooperation (DAC), which has been used in compiling the estimate of GDP from agriculture in Q3 of 2013-14, the production of foodgrains during the Kharif season of 2013-14 is estimated to grow by 0.2 per cent over the corresponding season in the previous agriculture year. Among the commercial crops, the production of oilseeds is estimated to grow by 6.0 per cent during the Kharif season of 2013-14, while the production of sugarcane and cotton is estimated to have grown by 1.4 per cent and 4.0 per cent, respectively, during the agriculture year 2013-14. Among the horticulture crops production of fruits and vegetables is expected to increase by 4.1 percent during the year 2013-14 over the previous agriculture 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 (-) 0.3 per cent, (-) 2.0 per cent and 5.0 per cent, respectively in Q3 of 2013-14, as compared to the growth rates of (-) 3.0 per cent, 2.5 per cent and 4.4 per cent in these sectors in Q3 of 2012-13. In the mining sector, production of coal and crude oil registered growth rates of (-)0.7 per cent and 0.6 per cent in Q3 of 2013-14, as against the growth rates of 3.0 per cent and 0.4 per cent in Q3 of 2012-13. The key indicators of construction sector, namely, cement production and finished steel consumption registered growth rates of 2.0 per cent and (-)0.1 per cent, respectively in Q3 of 2013-14.

Among the services sectors, the key indicators of railways, namely, the net tonne kilometers and passenger kilometers have shown growth rates of (-)0.3 per cent and (-)1.7 per cent, respectively in Q3 of 2013-14, as against the growth rates of 0.1 per cent and 3.1 per cent, in the corresponding period of previous year. In the transport and communication sectors, the sale of commercial vehicles, cargo handled at major ports, cargo handled by the civil aviation and passengers handled by the civil aviation registered growth rates of (-) 24.6 per cent, 0.9 per cent, 5.7 per cent and 7.8 per cent, respectively in Q3 of 2013-14 over Q3 of 2012-13.

The key indicators of banking, namely, aggregate bank deposits and bank credits have shown growth rates of 15.9 per cent and 14.5 per cent, respectively during April-December, 2013-14 over the corresponding period in 2012-13.

Powered by Capital Market - Live News