Farm, services sector push economic growth
Posted on: 11:46 AM IST Feb 28, 2011
New Delhi: Driven by good performance of agriculture and services sector, the Indian economy grew by 8.2 per cent in the third quarter of the current fiscal, up from 7.3 per cent in the corresponding period a year ago.
According to the data released by the government on Monday, farm sector during the third quarter ending December, recorded a growth rate of 8.9 per cent, up from a decline of 1.6 per cent in the corresponding period a year ago.
The services sector, including financing, insurance, real estate and business services during the same period recorded a growth rate of 11.2 per cent as compared to 8.5 per cent during the same period last year.
Electricity, gas and water supply is another sector that has done well as it grew at the rate of 6.4 per cent in third quarter compared to 4.5 per cent in the same period last fiscal.
Mining and quarrying growth jumped to 6 per cent in third quarter from 5.2 per cent in the same three-month period last fiscal.
Manufacturing and construction activity has slowed down, growing at pace of 5.6 and 8 per cent cent, respectively, in the three-month period as against 11.4 and 8.3 per cent respectively in the corresponding quarter.
The government expects the growth to top 8.5 per cent in the current fiscal. The growth rate for the first and second quarters was unchanged at 8.9 per cent each.