GDP Growth

Despite 3.3 per cent slump in agriculture growth, the country’s GDP growth is projected at 9.2 per cent during 2006-07, against 9 per cent in the previous year, thanks to robust performance in manufacturing and financial services.According to advance estimates of National Income 2006-07 released here today by the Central Statistical Organisation (CSO), the growth in agriculture dipped to 2.7 per cent this fiscal after rising to 6 per cent in the previous year.The lacklustre performance in agriculture has forced the government to lower the estimates of wheat and rice production to 72.5 million tonnes against the initial estimates of 74 million tonnes.The manufacturing sector grew at 11.3 per cent against 9.1 per cent while construction took a breather to 9.4 per cent against 14.2 per cent last year.The financing, insurance, real estate and business services continued to perform well, logging in 11.1 per cent growth against 10.9 per cent.The 9.2 per cent GDP growth is projected on top of 9 per cent for 2005-06, taking the growth to over 9 per cent for the second year running.There was a marginal improvement in mining and quarry to 4.5 per cent from 3.6 per cent last year.