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The economy has grown by 8.9 per cent for the April-July quarter of '06-07, the highest first-quarter growth rate since '00-01.
The growth rate has been spurred by the manufacturing sector, which has logged an 11.3 per cent rise in Q1 '06-07, according to the GDP data released by the Central Statistical Organisation. It was 10.7 per cent in the corresponding period of the last fiscal year. The GDP numbers come just weeks after the monthly IIP growth figures touched 12.4 per cent.
Agriculture, which accounts for nearly a quarter of the GDP, has also grown by a healthy 3.4 per cent, unchanged from the corresponding period of last fiscal.
Other propellers of GDP growth for the first quarter this fiscal have been the trade, hotels, transport and communications sector which grew by 9.5 per cent and construction, which grew by 13.2 per cent. In the corresponding period of last fiscal, these sectors had grown by 11.7 per cent and 12.4 per cent, respectively.
Electricity also grew by 5.4 per cent this first quarter as opposed to 7.4 per cent in the same period last year. The overall growth in this sector was fuelled by growth in July and August. The services sector also grew by 10.6 per cent in the first quarter of '06-07. It was only 9.8 per cent last year in the same period.
There has been exceptional growth rate in some specific industries, like commercial vehicles at 36 per cent, telephone connections, at 48.9 per cent and passenger growth in civil aviation by 32.2 per cent.