GDP growth for FY99 put at 6.8% - Views on News from Equitymaster

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GDP growth for FY99 put at 6.8%

Jan 29, 2000

According to a release by the Central Statistical Organisation (CSO), the gross domestic product grew by 6.8% in FY99 as against the earlier estimate of 5.8%.

The quick estimates reveal that the growth rates for the agriculture and services sectors have been marked up even as the manufacturing sector actually grew slower than anticipated. The upward revision has been attributed to the implementation of the recommendations of the Fifth Pay Commission by the states.

The economy, on hindsight, performed much better than earlier anticipated. However, the manufacturing sector that continued to reel under the economic slowdown posted only a 3.6% YoY growth. Another factor contributing to the slower growth in manufacturing was a slowdown in the global economy. This was mainly due to the fallout of the East Asian crisis and the subsequent Russian meltdown.

It has been reported that this upward revision in GDP will lead to a downward revision in indices like fiscal deficit for FY99. However, on the flip side, a larger base (FY99) would result in the growth rates for FY00 being marked down.

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