The Hindu : Economic growth likely to be better this year

Online edition of India's National Newspaper
Wednesday, Jan 01, 2003

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Economic growth likely to be better this year

By Our Special Correspondent

NEW DELHI Dec. 31. Economic growth may be better than expected this year with the first quarter of the current fiscal (July-September 2002) recording a 5.8 per cent rise in the Gross Domestic Product. The performance would have been higher but for the zero growth in agriculture, evidently reflecting the impact of drought. But other sectors including manufacturing, construction and financial services have shown significant improvement. The 5.8 per cent growth is higher than the 5.3 growth recorded over the same period last year though it represents a slight dip from the six per cent recorded in the first quarter (April-June).

The sectors which recorded a "significant growth'' in the second quarter are mining and quarrying at 5.1 per cent, manufacturing at 6.4 per cent, construction at 7.2 per cent, "trade, hotels, transport and communications'' at eight per cent, "financing, insurance, real estate and business services'' at 8.9 per cent and ''community, social and personal services'' at 5.7 per cent.

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