India's GDP grew 9% in 2005-06

The government announced on Wednesday that India's gross domestic product stands revised up to 9 per cent (from the previous estimates of 8.4 per cent) against 7.5 per cent.

The revision has had an effect on the growth in the agriculture sector, which is now shown at six per cent against the previous estimates of just 3.9 per cent.

Manufacturing is shown a shade better at 9.1 per cent as against the previous figure of 9 per cent. With the revision in the figures by the Central Statistical Organisation, the GDP growth shows a significant improvement for the previous financial year over 2004-05.

If the trend of the first half of the current financial year continues for the rest of 2006-07, it would be for the second year in a row that the country's GDP would grow by 9

per cent with the distinction of being the second fastest growing economy in the world, after China.

According to official figures, the growth rate of 9 per cent in GDP during 2005-06 was achieved due to high growth in agriculture, forestry and fishing, manufacturing, insurance, construction, financing, real estate and business services and transport.