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March 30, 2001
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Money > Reuters > Report March 30, 2001 |
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India Q3 GDP grows by 5.7% yr-on-yrIndia's gross domestic product (GDP) growth slowed to 5.7 per cent in the third quarter of 2000-01 from 6.0 per cent in the previous year, confirming that the country is in the grips of an economic downturn. According to statistics released by the Central Statistical Organisation (CSO) on Friday, the country's manufacturing sector was estimated to have grown by 6.1 per cent in the third quarter, down from 7.1 per cent growth a year earlier. The only silver lining was farm sector output which grew by a year-on-year 1.2 per cent in the third quarter compared with a fall of 1.1 per cent in the same period a year earlier. The figures were in line with India's annual economic survey released in February which projected GDP growth of 6 per cent for 2000-01 (April-March), down from 6.4 per cent a year earlier. The numbers announced by the government came on the back of a raft of other figures suggesting the economy is losing pace. A key economic indicator released earlier this month showed growth in six major sectors shrank by an overall 1.4 per cent year-on-year in February. The infrastructure industries index which covers electricity, coal, steel, petroleum, refining and cement, had jumped by a robust 11.3 per cent in the same month a year earlier. The infrastructure index also showed a sharp slowdown in growth in the 11 months to February from a year earlier. The index rose 5.2 per cent between April and February compared to 9.2 per cent growth in the same year-earlier period. Analysts have said the trend was likely to continue in the coming months due to overall negative sentiment. Finance Minister Yashwant Sinha presented a market-friendly budget for 2001-02 last month to perk up the economy, announcing plans to promote labour reform and increase privatisation. But economists say an arms bribery scandal engulfing the government could slow the reform process by making it more vulnerable to the demands of its coalition partners who oppose economic liberalisation.
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