ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Many Sides of Growth

Even with a "slowdown", the economy does well but life for the underprivileged remains dismal.

The Central Statistical Organisation’s (CSO) advance estimates of 8.7 per cent growth in 2007-08 is on expected lines. That the Indian economy has not been expanding in the over-heated manner of the previous two years has been obvious since the middle of 2007 and growth in the current fiscal year was expected to dip below the 9.6 per cent recorded in 2006-07. Yet, the headlines which scream of a slowdown are off the mark. Whatever the minor deceleration in the current fiscal year, in the medium term, over the past three years (2005-06 to 2007-08), the gross domestic product (GDP) has grown by an average of over 9 per cent per annum.

Going by the CSO’s consistent record of an upward revision of its GDP figures, we should not be surprised if 2007-08 ends up having experienced an expansion of over 9 per cent. The advance estimates for 2005-06 placed growth at 8.1 per cent, but the provisional estimates now put it at 9.4 per cent. Similarly, the CSO has revised its advance estimate of 9.2 per cent growth in 2006-07 to a quick estimate of as much as 9.6 per cent.

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