GDP growth falls flat on dismal agri performance

the full year. Other sectors, apart from manufacturing, which registered significant growth in the third quarter are electricity, gas and water supply at 8.6 per cent, construction at 10.6 per cent, trade, hotels, transport and communication at 5.9 per cent and financing, insurance, real estate and business services at 10.4 per cent.

The GDP growth in first two quarters of 1999-2000 was 5.9 and six per cent as against 5.4 and 5.5 per cent respectively in the previous year. Performance of the mining and quarrying sector continued to be sluggish at 0.1 per cent in the third quarter as against 1.5 per cent in the corresponding period of 1998-99.

The performance of agricultural sector was best in second quarter when it grew by 1.8 per cent compared to negative growth rate of 0.8 per cent in the second quarter of 1998-99, while in the first quarter the growth rate was 1.7 per cent compared to 2.9 per cent in the previous year.

According to the information furnished by the Department of Agriculture and Cooperation, the production of rice during the kharif season of 1999-2000 registered a growth rate of 5.8 per cent while the same during the rabi season of 1999-2000 was expected to decline by 12.7 per cent, over the corresponding seasons in the previous year.

The production of wheat during 1999-2000 was also expected to decline marginally by one per cent over its estimated production during the previous year. Among the services sector, the key indicators of railways, namely the net tonne kilometers and passanger kilometers have shown growth rates of 7.7 per cent and 10.3 per cent respectively during third quarter as against their respective growth rates of negative 1.4 per cent and one per cent in 1998-99.

The other key indicators, namely, production of commercial vehicles, cargo handled at major ports, postal and telecommunication revenue, aggregate bank deposits, bank credits and revenue expenditure of central government, respectively have shown growth rates of 27.6 per cent, three per cent, five per cent, 15.4 per cent, 20.4 per cent and 21.2 per cent respectively during October-December 1999 over the same period of 1998-99.

Among the industrial sector, the key indicators of construction sector, namely cement and finished steel registered growth rates of 11.4 per cent and 11.2 per cent respectively during October-December 1999 as against the growth rates of 3.1 per cent and negative 4.1 per cent during the same period of 1998.

Category of community, social and personal services registered a growth rate of 13.1 per cent during the period under consideration as against 9.3 per cent growth achieved in the same period last year.

In absolute value at the constant prices of 1993-94, the GDP during the third quarter was estimated at Rs 3,13,838 crore as against Rs 2,96,739 crore in the same period last year.

While, the GDP at factor cost at current prices in third quarter was estimated at Rs 4,89,767 crore as against Rs 4,52,877 crore in the third quarter of 1998-99, an official release said.