New Delhi: Indian economy grew by 9.4% in 2006-07 against 9% in the previous year as robust growth in manufacturing and services sector made up for a slowdown in agriculture and construction sector.
However, gross domestic product growth slowed down to 9.1% in the fourth quarter (Jan-March) of 2006-07 against 10% in the same quarter of the previous fiscal, pulled down by slow agriculture, construction, financial and social services growth.
GDP growth during the fourth quarter was, however, higher sequentially as it was 8.7% in the previous quarter of 2006-07.
Manufacturing grew by 12.3% in 2006-07 against 9.1% in the previous year, while trade, hotels, transport and communication grew by 13% against 10.4%.
Agriculture and allied sector’s growth, however, slowed down to 2.7% against 6% and construction to 10.7% against 14.2%.
If inflation is not taken into account, the per capita income grew by 14.3% at Rs29,382 in 2006-07 against Rs25,716 in the previous year.
For the fourth quarter of 2006-07, agriculture, construction, services relating to financing, insurance, real estate and social services growth slowed down year-on-year.
Agriculture growth went down to 3.8% against 6.2%, construction to 11.2% from 16.1%, services relating to financing insurance, real estate and business to 9.3% from 14.2% and community, social and personal services to 5.7% from 7.2%.
However, manufacturing grew to 12.4% against 9.4%, and trade, hotels, transport and communication activities to 12.4% against 11.8%.
Mining and quarrying also grew by 7.1% against 5.2%, while electricity, gas and water supply by 6.9% from 6.1%.
The net national income (which takes exports and imports into account) grew by 9.9 % in 2006-07 compared to 9.1% in the previous fiscal.