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India economy grows at 6% in first quarter

Belying projects of a low growth, Indian economy grew at an impressive six per cent in the first quarter of 2002-03 compared to just 3.5 per cent in the same period last year.

Recovery was witnessed in most of the sectors, especially agriculture, manufacturing and mining, quarterly estimates of Gross Domestic Product for the first quarter (April-June) released by Central Statistical Organisation said on Monday.

Agriculture grew at 4.4 per cent as against 1.1 per cent while the manufacturing sector registered a growth rate of 3.8 per cent compared to 2.7 per cent in the first quarter of last year.

Seven sectors out of eight witnessed improvement in the first quarter. Mining and quarrying registered a growth rate of 5.3 per cent in April-June period over negative performance of 0.3 per cent.

The construction sector, which is considered to be the engine of growth, especially in the infrastructure sector, grew at 6.3 per cent in the Q1 of 2002-03 over negative growth of 0.2 per cent in the same quarter last year.

Community, social and personal services was the only segment which witnessed a marginal fall to grow at 5.6 per cent in the first quarter this year over 6.5 per cent in the last financial year.

Other sectors which contributed to the impressive economic growth include electricity, gas and water supply growing at 5.3 per cent, trade, hotels, transport and communication at 7.4 per cent and financing, real estate and business services at 9.7 per cent in the first quarter, CSO figures revealed.

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