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The Union Budget for 2005-06 has proposed a number of initiatives such as emphasis on enhanced public investment, diversifying agriculture, promotion of public-private partnership for infrastructure development, liberalisation of Foreign Direct Investment (FDI) and facilitating growth in industries and services sector through an enabling policy environment. The various measures are expected to have a favourable impact on the growth of the economy.
As per the advance estimates released by the Central Statistical Organisation, growth in real GDP during 2004-05 is estimated at 6.9 per cent compared to the annual average growth rate of 8 per cent envisaged in the Tenth Five Year Plan (2002-07).
As per the latest information released by the Central Statistical Organisation (CSO), the overall growth of Gross Domestic Product (GDP) at factor cost at constant prices during the third quarter of 2004-05 (October to December) is estimated at 6.2 per cent compared to 6.1 per cent during the corresponding period of the previous year. The overall growth of real GDP at factor cost during April-December 2004-05 is lower at 6.7 per cent compared to 8.6 per cent during the corresponding period of the previous year. The lower growth rate recorded in the third quarter of 2004-05 is mainly due to the negative growth of 1.1 per cent in agriculture and allied sector compared to a growth of 18.2 per cent recorded in the corresponding period of the previous year and slightly lower growth in mining & quarrying and trade, hotels, transport & communication. The lower estimated growth in 2004-05 is mainly due to the decline in kharif foodgrains production. However, with the anticipated good rabi foodgrains production, there should be a positive growth in agriculture in the fourth quarter.
This information was given by Shri S.S. Palanimanickam, Minister of State for Finance in reply to a question raised by S/Shri Dr. Murli Manohar Joshi, Abu Asim Azmi, Dr. M.A.M. Ramaswamy and Ram Jethmalani in Rajya Sabha today.
BSC/BY/DN-194/05
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