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India's Q1 GDP put at Rs 2.74 trillion

Gross Domestic Product at factor cost at constant prices for the first quarter of the current fiscal has registered a growth rate of 5.5 per cent over the corresponding quarter of the previous year.

According to data released by the Central Statistical Organisation in New Delhi today, GDP with the base year 93-94, amounted to Rs 2.74 trillion against Rs 2.59 trillion in April to June, 1997-98.

However, at current prices GDP growth rate for April to June 99-2000 showed a rise of 10.8 per cent.

GDP at factor cost as current prices for the period April to June of 1999-2000 is estimated at Rs 4.11 trillion against Rs 3.71 trillion in the first quarter of 1998-99.

The sectors which registered a significant growth in the first quarter of 1999-2000 over the same period of 1998-99 are manufacturing at 6.2 per cent, electricity gas and water supply at 5.2 per cent, construction at 6.7 per cent, trade hotels, transport and communication at 6.2 per cent, financing, insurance, real estate and business services at 7.8 per cent and community, social and personal services at 7.8 per cent.

The growth rate in ''agriculture, forestry and fishing'' sectors is estimated at 2.8 per cent. The sector ''mining and quarrying,'' however, registered a negative growth rate of two per cent during the quarter of 1999-2000 over the first quarter of 1998-99.

According to the information furnished by the Department of Agriculture and Cooperation, which has been used in compiling the estimate of GDP from agriculture in the first quarter 1999-2000, the production of rice during the kharif season of 1999-2000 is expected to show a growth rate of 4.2 per cent over the corresponnding season in the previous year.

However, production of coarse cereals and pulses are expected to decline by 10.0 per cent and 8.8 per cent, respectively during this kharif season over the corresponding season in the previous year.

Among the commercial crops, while the production of oilseeds is expected to decline by 26.2 per cent during this kharif season over the production in the corresponding period last year, that of sugarcane is expected to register a growth rate of 4.9 per cent during this year over the estimates of the previous year.

According to the latest estimates available on the Index of Industrial Production, the index of mining, manufacturing and electricity, registered growth rates of (-)1.3 per cent, 6.2 per cent and 4.5 per cent, respectively during first quarter of 1999-2000 as against the growth rates of 4.5 per cent and 6.2 per cent and 6.2 per cent, respectively during first quarter of 1998-99.

Among the services sectors, the key indicators of railways, namely, the net tonne kilometers and passenger kilometers have shown growth rates of 10.7 per cent and 2.1 per cent respectively during first quarter of 1999-2000, as against their respective growth rates of (-) 6.6 per cent and 4.2 per cent in first quarter of 1998-99.

The other key indicators, namely, production of commercial vehicles, cargo handled at major ports, postal and telecommunication revenue, aggregate bank deposits, bank credits and revenue expenditure of central government, respectively have shown growth rates of 30.4 per cent, 10.1 per cent, 8.0 per cent, 18 per cent, 15 per cent and 21 per cent, respectively, during first quarter of 1999-2000, over the first quarter of 1998-99.

The wholesale price index or WPI, in respect of the groups, food articles, logs and timber, fish, minerals, manufactured products, electricity and all commodities, has risen by 6.8 per cent, 20.7 per cent, 4.3 per cent, (-)1.5 per cent, 2.9 per cent, 10.3 per cent and 3.7 per cent, respectively during first quarter of 1999-2000, over first quarter of 1999-99. The Consumer Price Index for Industrial Workers has shown a rise of 7.1 per cent during first quarter of 1999-2000 over first quarter of 1998-99.

The next release of quarterly GDP estimate for July to September, 1999 (that is second quarter) will be released on December 31, 1999.

The CSO, Department of Statistics and Programme Implementation, released for the first time the quarterly estimates of GDP with effect from the fourth quarter (January to March) of 1998-99, both at constant (1993-94) and current prices and for earlier quarters of financial years 1996-97 to 1998-99, on June 30, 1999.

The CSO has now released the quarterly GDP estimate for the first quarter, April to June of 1999-2000, both at constant (1993-94) and current prices.

UNI

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