Aided by a turnaround in the agriculture sector, the country's GDP growth shot up to 10.4 per cent during the third quarter of the current financial year as against 8.4 per cent growth registered during the second quarter of 2003-04.
According to figures released by the Central Statistical Organisation, quarterly GDP at factor cost at constant (1993-94) prices for Q3 of 2003-04 is estimated at Rs 3,86,627 crore (Rs 3,866.27 billion) as against Rs 3,50,290 crore (Rs 3,502.90 billion) in Q3 of 2002-03, showing a growth rate of 10.4 per cent.
The growth during the second quarter stood at 8.4 per cent and during the first quarter of the current fiscal at 5.7 per cent.
The high GDP has been made possible by a 7.4 per cent growth in manufacturing sector and 16.9 per cent growth in "agriculture, forestry and fishing" sector.
According to information furnished by the Department of Agriculture and Cooperation, which has been used in compiling the estimates of GDP from agriculture in Q3 of 2003-04, the production of rice, coarse cereals, pulses and oilseeds has increased by 22.3 per cent, 38.3 per cent, 32 per cent and 84.4 per cent, respectively during the kharif season of 2003-04.
Production of cotton is also expected to rise by 42.1 per cent, while that of sugarcane is expected to decline by 9.3 per cent, during 2003-04 over the estimates of the previous year.
Among other sectors which registered significant growth in Q3 of 2002-03 are "electricity, gas and water supply" at 5.2 per cent, "construction" at 5.1 per cent, "trade, hotels, transport and communication" at 13.1 per cent and "financing, insurance, real estate and business services" at 7.7 per cent.
The key indicators of construction sector, namely, cement and finished steel registered growth rates of 5.6 per cent and 7.1 per cent, respectively during the quarter as against the growth rates of 9.7 per cent and 9.1 per cent, respectively in the corresponding period of the previous year.
