India’s GDP Grew at 6 Percent Annual Rate in 3Q FY 2009-10
Posted by Gregg Killoren on March 5, 2010
India’s Central Statistical Organisation (CSO), Ministry of Statistics and Programme Implementation has released the estimates of Gross Domestic Product (GDP) for the third quarter (October-December) Q3 of 2009-10, showing a growth rate of 6.0 percent over the corresponding quarter of previous year.
A detailed breakdown of 3Q 2009-10 GDP from the CSO follows:
The economic activities which registered significant growth in Q3 of 2009-10 over Q3 of
2008-09 are, ‘mining & quarrying’ at 9.6 per cent, ‘manufacturing’ at 14.3 per cent, ‘construction’ at 8.7 percent, ‘trade, hotels, transport and communication’ at 10.0 per cent, and ‘financing, insurance, real estate and business services’ at 7.8 per cent. The growth rate in ‘agriculture, forestry & fishing’ and ‘community, social and personal services’ is estimated at (-) 2.8 per cent and (-) 2.2 per cent, respectively in this period. The fall in the growth of ‘‘community, social and personal services’ is mainly on account of high base in Q3 of 2008-09, following the implementation of Sixth Central Pay Commission’s recommendations.
According to the second advance estimates of production of crops released on 12.2.2010 by
the Department of Agriculture and Cooperation (DAC), which has been used in compiling the
estimate of GDP from agriculture in Q3 of 2009-10, the crops rice, coarse cereals and pulses during the Kharif season of 2009-10 have declined by 14.2 per cent, 20.3 per cent, and 10.0 per cent, respectively over the corresponding season in the previous agriculture year. Among the commercial crops, the production of oilseeds and sugarcane declined by 9.1 per cent and 11.8 per cent, respectively during the Kharif season of 2009-10, while the production of cotton increased marginally by 0.2 per cent during the agriculture year 2009-10. However, horticultural crops and livestock products are expected to grow at 4.8 per cent and 3.1 per cent, respectively.
According to the latest estimates available on the Index of Industrial Production (IIP), the index of mining, manufacturing and electricity, registered growth rates of 9.6 per cent, 14.3 per cent and 4.0 per cent, respectively in Q3 of 2009-10, as compared to the growth rates of 2.0 per cent, 0.5 per cent and 2.9 per cent in these sectors in Q3 of 2008-09. In the mining sector, production of coal and crude oil registered growth rates of 4.0 per cent and (-)0.9 per cent in Q3 of 2009-10, as against the growth rates of 10.5 per cent and zero per cent in Q3 of 2008-09. The key indicators of construction sector, namely, cement and finished steel registered growth rates of 8.5 per cent and 7.7 per cent, respectively in Q3 of 2009-10, as against the growth rates of 8.8 per cent and (-)6.0 per cent, respectively in Q3 of 2008-09.
Among the services sectors, the key indicators of railways, namely, the net tonne kilometers and passenger kilometers have shown growth rates of 12.5 per cent and 6.7 per cent, respectively in Q3 of 2009-10, as against the growth rates of 0.5 per cent and 10.1 per cent, in the corresponding period of previous year. In the transport and communication sectors, the production of commercial vehicles, cargo handled at major ports, cargo handled by the civil aviation, passengers handled by the civil aviation and the total stock of telephone connections (including WLL and cellular) registered growth rates of 195 per cent, 10.6 per cent, 19.6 per cent, 22.2 per cent and 46.1 per cent, respectively in Q3 of 2009-10 over Q3 of 2008-09. The key indicators of banking, namely, aggregate bank deposits and bank credits have shown growth rates of 18 per cent and 12.2 per cent, respectively during April-December, 2009-10 over the corresponding period in 2008-09. The revenue expenditure of central government excluding interest payments during Q3 of 2009-10 has declined by 0.6% over the corresponding period in 2008-09.
The wholesale price index (WPI), in respect of the groups, food articles, non-food articles,
fish, minerals, manufactured products, electricity and all commodities, has risen by 16.9 per cent, 4.1 per cent, 30.7 per cent, (-) 2.3 per cent, 3.7 per cent, 2.0 per cent, and 4.7 per cent, respectively during Q3 of 2009-10, over Q3 of 2008-09.
The consumer price index for industrial workers (CPIIW) has shown a rise of 13.3 per cent during Q3 of 2009-10 over Q3 of 2008-09.
To view the full CSO release, please click on the following link: India’s 3Q FY 2009-10 GDP Report
