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GDP grows 5.8% in second quarter

New Delhi, Dec. 31: Gross domestic product (GDP) at constant prices for the second quarter of 2002-03 (July-September) has shown an impressive 5.8 per cent growth as compared with 5.3 per cent in the same period last year.

In value terms, GDP at factor cost at constant prices in the second quarter of the current fiscal has been estimated at Rs 2,98,308 crore against Rs 2,82,084 crore of the same period last year.

GDP at factor cost at current prices in the second quarter has been estimated at Rs 5,04,563 crore compared with Rs 4,63,367 crore in the second quarter of the previous year, an increase of 8.9 per cent.

The 5.8 per cent growth is despite the fact that the growth rate in agriculture, forestry and the fishing sector has been estimated at zero per cent.

According to the data released by the Central Statistical Organisation (CSO), agriculture witnessed zero per cent growth during the period in reference, compared with 6.3 per cent last year. Electricity, gas and water supply grew at 4.9 per cent in the second quarter of 2002-3 compared with 5.4 per cent in the corresponding period last year.

Check on fiscal deficit

The Centre was able to keep its fiscal deficit under control at Rs 83,394 crore during the first eight months of this fiscal, which was 61.5 per cent of the budget estimate of Rs 1,35,524 crore for the entire fiscal.

At the same time, the country’s balance of payments showed an improvement with the total current account registering a net surplus of Rs 6,520 crore for the second quarter ended September 2002 compared to a deficit of Rs 5,265 crore in the same period of the previous fiscal.

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