Date : Mar-02-2009 10:35
Though the economy is struggling with the global economic slowdown but the Commerce and Industry Minister Kamal Nath is still confident that the growth of the country would pick up momentum in the last two months of this fiscal. Nath said "I believe the worst is over," by adding that the last two months of this fiscal would be much better in terms of growth.
Nath also said that the government was aware of the sluggish growth in the economy during the quarter ended December and that''s why the stimulus packages was announced. "We were seized... We did not know the figures but certainly we were seized that there is a sharp decline, that is why we did announce a stimulus package," said Nath adding that the measures have started yielding results.
The economy of India grew 5.3% for the quarter ended December from a year earlier, slowing from 7.6% in the previous quarter. The annual growth of India''s fiscal third quarter was lower than upwardly revised 8.9% annual expansion in the same quarter a year ago. The farm output in the December quarter fell an annual 2.2% as compared to a rise of 2.7% in September quarter. The manufacturing slipped an annual 0.2% in December quarter as against a growth of 5% in the September quarter. The construction grew 6.7% in December quarter as compared to 9.7% September quarter. The trade, hotels, transport and communication advanced 6.8% in December quarter vs 10.7% in September. The financing, insurance, real estate and business services gained 9.5% in Oct-Dec vs 9.2% in July-September.
Though the economy is struggling with the global economic slowdown but the Commerce and Industry Minister Kamal Nath is still confident that the growth of the country would pick up momentum in the last two months of this fiscal. Nath said "I believe the worst is over," by adding that the last two months of this fiscal would be much better in terms of growth.
Nath also said that the government was aware of the sluggish growth in the economy during the quarter ended December and that''s why the stimulus packages was announced. "We were seized... We did not know the figures but certainly we were seized that there is a sharp decline, that is why we did announce a stimulus package," said Nath adding that the measures have started yielding results.
The economy of India grew 5.3% for the quarter ended December from a year earlier, slowing from 7.6% in the previous quarter. The annual growth of India''s fiscal third quarter was lower than upwardly revised 8.9% annual expansion in the same quarter a year ago. The farm output in the December quarter fell an annual 2.2% as compared to a rise of 2.7% in September quarter. The manufacturing slipped an annual 0.2% in December quarter as against a growth of 5% in the September quarter. The construction grew 6.7% in December quarter as compared to 9.7% September quarter. The trade, hotels, transport and communication advanced 6.8% in December quarter vs 10.7% in September. The financing, insurance, real estate and business services gained 9.5% in Oct-Dec vs 9.2% in July-September.
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