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India's Q2 GDP at 4.8 per cent; in line with estimates
The rise in GDP in comparison to the last quarter was largely on the back of a healthy showing in agriculture, while industry continued to disappoint.
The economic activities which registered significant growth in Q2 of 2013-14 over Q2 of 2011-12 are ‘agriculture, forestry and fishing‘ at 4.6 per cent, ‘electricity, gas and water supply' at 7.7 per cent ‘construction' at 4.3 per cent, ‘financing, insurance, real estate and business services' at 10.0 per cent and ‘community, social and personal services' at 4.2 per cent.
The growth rates in ‘mining and quarrying' is estimated at (-)0.4 per cent, ‘manufacturing' at 1.0 per cent, and ‘trade, hotels, transport and communication' at 4.0 per cent in this period.
Industry
According to the latest estimates available on the Index of Industrial Production (IIP), the index of mining, manufacturing and electricity, registered growth rates of (-) 0.1 per cent, 1.2 per cent and 8.4 per cent, respectively in Q2 of 2013-14. The key indicators of construction sector, namely, production of cement and consumption of finished steel registered growth rates of 5.9 per cent and 1.3 per cent, respectively in Q2 of 2013-14.
Agriculture
According to the First Advance Estimates of Production of Foodgrains, Oilseeds and other Commercial Crops for 2013-14 released by the Department of Agriculture and Cooperation on 25.9.2013, production of coarse cereals, pulses and oilseeds are expected to grow by 4.9%, 1.9% and 14.9% respectively during the Kharif season of 2013-14 as compared to the production of these crops in the Kharif season of 2012-13. Apart from production of kharif crops, the growth in ‘agriculture, forestry & fishing' estimates of GDP in Q2 are based on the estimated production of fruits and vegetables, other crops, livestock products, forestry and fisheries.
Services
Among the services sectors, key indicators of railways, namely, the net tonne kilometers and passenger kilometers have shown growth rates of 3.7 per cent and (-) 2.5 per cent, respectively in Q2 of 2013-14. In the transport sector, the sale of commercial vehicles, cargo handled at major ports, cargo handled by the civil aviation and passengers handled by the civil aviation registered growth rates of (-)22.1 per cent, 5.9 per cent, 0.4 per cent and 12.6 per cent, respectively in Q2 of 2012-13 over Q2 of 2012-13. The other key indicators, namely, aggregate bank deposits, and bank credits have shown growth rates of 12.0 per cent, and 15.4 per cent, respectively as on September 2013-14.
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