New
Delhi: The Indian economy has registered a healthy
growth rate of 5.7 per cent during the first quarter of
the current fiscal, over and above the 5.3-per cent figure
for the corresponding period of 2002-03.
The
encouraging aspect of the 5.7-per cent first quarter real
gross domestic product (GDP) growth figure is that it
does not account for the impact of this year's munificent
monsoon rainfall.
On
the contrary, agriculture growth for April-June 2003 dipped
to 1.7 per cent, from the previous year's corresponding
level of 2.7 per cent. The 1.7-per cent figure is largely
reflective of last year's drought, said to have been the
worst in the last three decades.
Since
the 2002-03 agricultural year extends from July 2002 to
June 2003, the 1.7-per cent growth recorded by the farm
sector during April-June 2003 basically captures last
year's poor rabi harvest.
According
to the agriculture ministry, the output of rabi rice,
wheat, coarse cereals and pulses fell by 30.9, 3.5, 13.2
and 10.2 per cent, respectively. Similarly, oilseeds also
registered negative growth rates of 13.7 per cent during
the 2002-03 rabi season.
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