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GDP growth slumps to 5.2% in 2000-01

India's gross domestic product growth slumped to 5.2 per cent during 2000-01 as against 6.4 per cent in the previous year mainly due to dismal performance of manufacturing, construction and some of the services sectors.

Figures released by Central Statistical Organisation reveal that GDP at factor costs and constant (1993-94) prices stood at Rs 12117.47 billion during the last fiscal as against quick estimates of Rs 11519.91 billion for 1999-2000.

GDP growth for the last fiscal was earlier estimated at 6.0 per cent at Rs 12211.74 billion.

The GDP growth at current prices, however, grew to 10.7 per cent during 2000-01 as compared 10.5 per cent in the previous year.

The GDP growth, which was above 6 per cent in the first two quarters of 2000-01, declined to 5.0 per cent in the third quarter and further fell to 3.8 per cent in the last quarter due to a sharp fall in the growth rates in agriculture, manufacturing, mining, construction and some major services sectors.

Even at current prices, the GDP dipped to 9.6 per cent during the last quarter of 2000-01 as against 10.6 per cent in the third quarter of the same year.

The dismal GDP growth figures for the entire year were on account of fall in growth rates in agriculture, manufacturing, electricity, construction and the services sector.

The 'agriculture, forestry and fishing' sector grew by a meagre 0.2 per cent last year as against 0.7 per cent in 1999-2000.

The growth in 'manufacturing' sector fell to 5.6 per cent from 6.8 per cent, while that in 'construction' dipped to 5.5 per cent from 8.1 per cent in the previous year.

Electricity, gas and water supply also posted a lower 4.7 per cent growth compared to 5.2 per cent in the previous year.

Growth rate in services sectors also slumped last fiscal. The 'financing, insurance, real estate and business services' sector posted a 9.1 per cent growth which is 1 per cent lower than the previous year's figure.

The 'trade, hotels, transport and communications' sector grew by 6.9 per cent in 2000-01 as against 8.0 per cent in the previous year, while the growth rate in 'community, social and personal services' sector went down to 7.8 per cent from 11.8 per cent in 1999-2000.

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