Industry & Economy
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Economy
GDP growth: Not a `statistical illusion'
Our Bureau
New Delhi
,
Feb. 9
THE Finance Ministry on Monday sought to dispel the impression that the current year's projected real gross domestic product (GDP) growth of 8.1 per cent was a one-time statistical illusion, aided by the low 4 per cent base of 2002-03.
The Finance Secretary, Mr D.C. Gupta, told presspersons here that the high GDP growth for 2003-04 has been not only on account of the farm sector's revival, but also the good showing of the manufacturing and services sector. Further, higher non-oil imports, the pick-up in non-food credit and good corporate results were indications that the GDP growth was real and would be sustained in the coming fiscal as well, he added.
Mr Gupta noted that in the past, there have been cases of the economy maintaining a sustained growth momentum. During the three consecutive years beginning 1994-95, for instance, the Indian economy registered growth rates of 7.3 per cent, 7.3 per cent and 7.8 per cent, respectively. He was hopeful that a similar growth phase would be sustained, especially in view of the proposed huge infrastructural investments taking place.
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