Indian Economy Watch: Indian economy on right track

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Tuesday, January 11, 2005

Indian economy on right track

The Indian government released the second-quarter GDP (gross domestic product) numbers on December 31, virtually unnoticed in the aftermath of the devastation caused by the tsunami. Economic growth, according to the figures released by the government, slowed to 6.6% during the second quarter ended September from 7.4% in the previous quarter due to a negative growth in the agriculture sector, once again reflecting the Indian economy's dependence on the vagaries of monsoon. The agricultural slowdown was so pronounced that even the robust performance of the manufacturing sector - 9.3% against 8% in the previous quarter - failed to contain the fall in overall GDP growth.