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INDIA GDP GROWTH RATE

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The Gross Domestic Product (GDP) in India expanded 8.20 percent in the fourth quarter of 2010 over the same quarter, previous year. From 2004 until 2010, India's average quarterly GDP Growth was 8.40 percent reaching an historical high of 10.10 percent in September of 2006 and a record low of 5.50 percent in December of 2004

India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Services are the major source of economic growth, accounting for more than half of India's output with less than one

The economy has posted an average growth rate of more than 7% in the decade since 1997, reducing poverty by about 10 percentage points.

Quarterly GDP at factor cost at constant (2004-05) prices for Q3 of 2010-11 is estimated at Rs. 12,61,664 crore, as against Rs. 11,66,145 crore in Q3 of 2009-10, showing a growth rate of 8.2 per cent over the corresponding quarter of previous year.

The economic activities which registered significant growth in Q3 of 2010-11 over Q3 of 2009-10 are: agriculture, forestry & fishing at 8.9 per cent, construction at 8.0 percent, trade, hotels, transport and communication at 9.4 per cent, and financing, insurance, real estate and business services at 11.2 per cent.

The growth rate in mining& quarrying, manufacturing and community, social and personal services is estimated at 6.0 per cent, 5.6 per cent and 4.8 per cent respectively in this period.

According to the second advance estimates of production of crops released on 9.2.2011 by the Department of Agriculture and Cooperation (DAC), which has been used in compiling the estimate of GDP from agriculture in Q3 of 201011, production of rice, coarse cereals and pulses during the Kharif season of 2010-11 is estimated to have increased by 5.6 per cent, 28.2 percent and 52.8 percent, respectively over the corresponding

Among the commercial crops, the production of oilseeds and sugarcane is estimated to have increased by 15.8 per cent and 15.2 per cent, respectively during the Kharif season of 2010-11, while the production of cotton is expected to grow by 40.0 per cent during the agriculture year 2010-11. However, horticultural crops and livestock products are expected to grow at 5.6 per cent and 4.7 per cent, respectively during 2010-11.

According to the latest estimates available on the Index of Industrial Production (IIP), the index of mining, manufacturing and electricity, registered growth rates of 5.8 per cent, 5.1 per cent and 6.5 per cent, respectively in Q3 of 2010-11, as compared to the growth rates of 10.3 per cent, 14.4 per cent and 3.8 per cent in these sectors in Q3 of 200910.

In the mining sector, production of coal, crude oil and natural gas registered growth rates of 1.5 per cent, 15.5 per cent and 3.7 percent in Q3 of 2010-11, as against the growth rates of 4.6 per cent, (-)0.9 percent and 50 per cent in Q3 of 2009-10.

Among the services sectors, the key indicators of railways, namely, the net tonne kilometers and passenger kilometers have shown growth rates of 4.0 per cent and 6.2 per cent, respectively in Q3 of 2010-11, as against the growth rates of 12.5 per cent and 6.7 per cent, in the corresponding period of previous

In the transport and communication sectors, the production of commercial vehicles, cargo handled at major ports, cargo handled by the civil aviation and the total stock of telephone connections (including WLL and cellular) registered growth rates of 22.1 per cent, 0.86 per cent, 12.2 per cent and 40.0 per cent,

The key indicators of banking, namely, aggregate bank deposits and bank credits have shown growth rates of 18.8 per cent and 27.9 per cent, respectively during AprilDecember, 2010-11 over the corresponding period in 2009-10.

GDP Growth Definition

Economic growth is the increase in value of the goods and services produced by an economy. It is conventionally measured as the percent rate of increase in real gross domestic product, or GDP

Growth is usually calculated in real terms, i.e. inflation-adjusted terms, in order to net out the effect of inflation on the price of the goods and services produced. In economics, "economic growth" or "economic growth theory" typically refers to growth of potential output, i.e., production at "full employment,"

The real GDP per capita of an economy is often used as an indicator of the average standard of living of individuals in that country, and economic growth is therefore often seen as indicating an increase in the average standard of living

However, there are some problems in using growth in GDP per capita to measure general well being.GDP per capita does not provide any information relevant to the distribution of income in a country. GDP per capita does not take into account negative externalities from pollution consequent to economic

Economists are well aware of these deficiencies in GDP, thus, it should always be viewed merely as an indicator and not an absolute scale. Economists have developed mathematical tools to measure inequality

The flaws of GDP may be important when studying public policy, however, for the purposes of economic growth in the long run it tends to be a very good indicator. There is no other indicator in economics which is as universal or as widely accepted as the GDP

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