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Manufacturing sector cruises along; agriculture in dumps - Views on News from Equitymaster
 
 
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  • Apr 1, 2000

    Manufacturing sector cruises along; agriculture in dumps

    According to the Central Statistical Organisation (CSO), growth in gross domestic product (GDP) during the third quarter of the FY00 slowed down on a year on year (YoY) basis to 5.8%. The growth figures of the constituents of the GDP portray a mixed trend.

    Despite the slower growth in GDP, the numbers are nevertheless heartening. This is mainly due to a faster growth in the manufacturing sector, which bore the brunt of the economic downturn hat lasted two to three years.

    Growth in FY99 was buoyed by bumper agricultural growth, which more than compensated for the sluggish growth in manufacturing sector. FY00 on the other hand has been marked by a sluggish performance in the agriculture and related services sector even as the manufacturing sector has gained momentum (though not enough to compensate for the decline in agricultural output). This has contributed to the slower growth in GDP during the third quarter.

    Among the best performing sectors during the quarter were manufacturing and construction. The electricity, gas and water supply sector too turned in a higher rate of growth.

    The mining and quarrying component of the GDP continues to disappoint. The sector has posted only marginal growth. Among the other sectors that have posted sluggish growth are trade, hotels, transport and communications.

    The Indian economy (sans agriculture) nevertheless seems to be revving up. Manufacturing growth is gaining momentum on the back of improving domestic and export demand. The services sector, which accounts for the largest chunk of GDP, too is likely to record higher growth as economic activity and tourism pick up. The concerns pertain mainly to the infrastructure bottlenecks in the country that may limit economic growth. Then of course there is the agriculture sector (approximately one-quarter of the GDP) that will have a significant bearing on overall growth.

     

     

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