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If the growth rate of Gross Domestic Product seen in the first quarter (April-June), is sustained, the GDP would reach 8 per cent, during 2004-05. Expressing optimism, the Ministry of Statistics and Programme Implementation points out, that during Q-1, almost all the eight sectors of the economy registered enhanced growth compared to Q-1 of 2003-04. The highest growth of 11 per cent was observed in trade, hotels, transport and communication, followed by mining and quarrying, agriculture, forestry and fishing etc. The two segments which recorded lesser growth rate during Q-1 were construction, from 5.9 to 3.6 and community and social and personal services, from 9.4 to 9.3 per cent.
The GDP at constant prices showed a growth of 7.4 per cent, while at current prices 12.3 per cent. At current prices, the GDP growth in mining and quarrying during Q-1 registered 41 per cent, from three per cent, in the previous year.
According to the latest estimates available on the index of industrial production, mining, manufacturing and electricity registered considerable growth compared to Q-1 of the previous year. However, the key indicators of the construction sector i.e. cement and finished steel registered a growth rate of 2.7 per cent, much much below the growth rate of 5.2 and 8.2 per cent during Q-1 of 2003-04. Among the services sector, the key indicators of Railways, Transport and Communication etc. have all registered higher growth rates. The other key indicators like aggregate bank deposits, bank credits and revenue expenditure of the centre, have also shown considerable increase.
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