New Delhi: Beating all projections of a downslide, India posted a modest 5.4 per
cent economic growth during 2001-02, as opposed to 4 per cent growth rate recorded
in the previous fiscal, mainly on the strength of good showing by the agriculture
and financial sectors.
Propelled by smart recoveries in agricultural, trade and financial sectors, India's
gross domestic product (GDP) grew by 5.4 per cent at Rs 12,58,231 crore over the
quick estimates of GDP for 2000-01 of Rs 11,93,922 crore, according to official
figures released on June 28.
Agriculture sector rose from a negative 0.2 per cent growth in 2000-01 to end 2001-
02 fiscal with a 5.7 per cent growth rate.
However, the real jump came in financial and insurance sectors where the growth rate
climbed steeply from 2.9 per cent to 7.8 per cent in 2001-02.
Though September 11 terrorist attacks in US slowed down trade, hotel, transport and
communication, the sector ended with a growth of 6.2 per cent as compared to 5.3 per
cent growth registered in 2000-01.
The dampener in 2001-02 was manufacturing sector, which saw growth rate skid from a
high 6.7 per cent in 2000-01 to 2.8 per cent in 2001-02.
Growth rate also derailed in mining, electricity and construction sectors to 1.8 per
cent, 4.6 per cent and 3.6 per cent respectively in 2001-02 as against 3.3 per cent,
6.2 per cent and 6.8 per cent decent growth rates recorded the previous
year.
GDP growth rate of 5.4 per cent, based on 1993-94 prices, conforms with the growth
rate projected in the Economic Survey for 2001-02.
National income, also known as net national product (NNP), posted a decent 5.7 per
cent growth rate in 2001-02 as against a 3.7 per cent growth rate last
fiscal.
Per capita income during 2001-02 attained a level of Rs 10,653 as compared to Rs
10,254 of 2000-01.
GDP, at current prices, grew by 9.1 per cent in 2001-02 as compared to 7.9 per cent
growth rate in the previous fiscal.
At current prices too, agriculture was the main driver ending the year with a
handsome growth rate of 9.6 per cent as against 2.5 per cent growth in 2000-
01.
PTI
