Palaniappan Chidambaram kyo khush hain? GDP Growth at 9.2%
The FM said he is happy
++ the estimate of GDP growth at constant prices is 9.2 per cent. This is particularly gratifying because it is upon a base year growth of 9.0 per cent that has been recorded in 2005-06.
++Manufacturing is the main driver of growth. In the current year it is expected to grow at 11.3 per cent. In the three years of the UPA Government, growth rate in manufacturing has accelerated from 8.7 per cent to 9.1 per cent and further to 11.3 per cent.
++ The Services sector also continues to maintain an impressive growth rate. The estimate for the current year is 11.2 per cent. In the three years of the UPA Government, the Services sector has recorded growth rates of 9.6 per cent, 9.8 per cent and 11.2 per cent, respectively. Here too there has been an acceleration from year to year.
++ Within the Services sector, double-digit growth rates have been recorded by ‘trade, hotels, transport and communication’ and ‘financing, insurance, real estate and business services’.
++The Agriculture sector is estimated to grow in the current year at 2.7 per cent. Although this is lower than the desired growth rate of 4.0 per cent, it may be noted that in the base year (2005-06) the growth rate was at a high of 6.0 per cent.
++ the per capita income in real terms in 2006-07 is estimated to grow at 7.9 per cent compared to 7.4 per cent in the previous year.
++ it is reforms that are driving growth. Reforms have brought in investment, fostered competition and enhanced productivity and efficiency.
++ Government will continue to accord the highest priority to investment – domestic and foreign, public and private – across all sectors.
++ Growth is a function of investment; and investment is facilitated by flexible, timely and progressive policy responses in a dynamic and competitive global economy.
++ High growth has also brought in more revenues. These revenues are being allocated to crucial social sectors like education, health, child care and employment guarantee programmes.
From a statement of the Finance Minister Shri P. Chidambaram on the advance estimates of national income for the financial year 2006-07, released by NSO yesterday