New Delhi: The government today announced that India's gross domestic product for 2005-06 stands revised up to 9 per cent (from the previous estimates of 8.4 per cent) against 7.5 per cent during 2004-05.
The growth rate of the agriculture sector has now been revised to six per cent for 2005-06 against the previous estimates of just 3.9 per cent. Growth in the manufacturing sector is 9.1 per cent as against the previous figure of 9 per cent.
With the revision in the figures by the Central Statistical Organisation (CSO), the GDP growth shows a significant improvement for the previous financial year over 2004-05.
If the trend of the first half of the current financial year continues for the rest of 2006-07, it would be for the second year in a row that the country's GDP would grow by 9 per cent with the distinction of being the second fastest growing economy in the world, after China.
According to official figures, the growth rate of 9 per cent in GDP during 2005-06 was achieved due to high growth in agriculture, forestry and fishing, manufacturing, insurance, construction, financing, real estate and business services and transport.