The Industrial of Index Production was 1.9 per cent in April and 2.5 per cent in May last year, as per the data released by Central Statistical Organisation.
Standard & Poor's, which has threatened to downgrade the country's sovereign rating to junk, sees economic growth improving.
Standard & Poor's, which has threatened to downgrade the country's sovereign rating to junk, sees economic growth improving.
The Finance Ministry on Friday said the CSO has underestimated GDP growth rate for current financial year and exuded the confidence that economic expansion will exceed 5.5 per cent.
Finance Ministry had pegged the growth at 5.7 per cent and RBI at 5.5 per cent.
Erasing early gains, the rupee on Thursday closed six paise lower at 53.22 due to sustained dollar demand after government estimates pegged ongoing fiscal's GDP growth at a decade low of five per cent.
Finance Minister P Chidambaram on Saturday indicated that growth of the economy has slowed to 5.5 per cent in July-September quarter of the current fiscal from 6.9 per cent during the year-ago period.
With Indian statistics facing heavy criticism from all quarters in recent times, the Central Statistical Organisation (CSO), which is responsible for coordination of statistical activities in the country and evolving and maintaining statistical standards, will have to explore ways to reduce dependence on outsourced secondary data collection.
The Indian economy has clearly been on an upward growth path -- from an average annual rise of three to four per cent in the first three decades, growth took a sharper upturn in the eighties.
The Indian economy will grow by 6.9 per cent in 2011-12 against 8.4 per cent in the last financial year according to government estimates.
The government response was key in overcoming the recent financial crisis, but the time is now ripe for credible fiscal consolidation.
Agriculture and allied activities are likely to grow at 5.4 per cent in 2010-11, compared to just 0.4 per cent in 2009-10, according to Advance Estimates released by the Central Statistical Organisation on Monday.
India scores a pitiable rank at 127 in terms of per capita income.
Per capita income of Indians grew by 14.5 per cent to Rs 46,492 in 2009-10 from Rs 40,605 in the year-ago period, as per the revised data released by the government on Monday.
According to the GDP data released by the Central Statistical Organisation on Tuesday, the country's farm sector grew by 2.5 per cent and 4.4 per cent each in the first two quarters of the current fiscal, against 1.9 per cent and 0.9 per cent, respectively, in the same period last year.
Advance estimates of national income growth released today by the Central Statistical Organisation (CSO) project it at 7.2 per cent in 2009-10, pegging it a notch below earlier forecasts of the Reserve Bank of India (7.5 per cent) and finance ministry (7.75 per cent). With economic growth back on track the government may initiate a phased withdrawal of the fiscal stimulus package.
The projected gross domestic product figure for the current fiscal, as put out by the advanced estimates of the Central Statistical Organisation, is lower than the Reserve Bank of India and the finance ministry's forecasts.
Among the 18 states and Union Territories of which data is available, Bihar recorded the highest State Gross Domestic Product (SGDP) in a year when the global financial meltdown pulled down country's economic growth rate to 6.7 per cent from 9 per cent.
CSO revised downwards the construction sector numbers, which account for nearly 9 per cent of India's GDP, for the fourth quarter of fiscal 2008. This revision to 6.9 per cent as against the initial estimate of 12.6 per cent leads to 40 basis point upside to GDP growth. For agriculture, CSO revised the growth numbers to 2.2 per cent as against the initial estimate of 3.5 per cent. This led to higher agriculture growth of 2.7 per cent in January-March 2009.
According to the Central Statistical Organisation data, released earlier in the day, Index of Industrial Production grew by 16.7 per cent in January against just a per cent during the corresponding month in 2009.
The Finance Minister Pranab Mukherjee on Friday said economic growth during the current fiscal could exceed 7.2 per cent projected by the Central Statistical Organisation (CSO).
Keeping pace with the rapidly changing income and consumption pattern, the government will soon come out with a new Index of Industrial Production (IIP) and develop indices for measuring growth of SSI sector and calculating consumer prices in urban areas.
India's per capita income grew by 10.5 per cent to Rs 44,345 in 2009-10 against Rs 40,141 in the year-ago period, according to government data.
Economist and former Reserve Bank Governor C Rangarajan on Monday said that the economy will recover in the second half of 2009 and there would be distinct improvement in growth in 2010-11.
The Central Statistical Organisation, the government agency responsible for keeping track of how the economy is performing, goes through five phases of estimating how much India's GDP amounts to each year.
Indian economy is expected to grow between 7 and 7.4 per cent in the three months up to September 2008, as against 9.3 per cent in the year-ago quarter, five top economists of the country told Business Standard. The government is slated to release the quarterly numbers on Friday.
The monthly income of an average Indian for the first time in the country's history has crossed Rs 3,000, thanks to economic reforms and a high growth rate of above 9 per cent achieved for three years since 2005-06.The per capita income, a measure of average income of a citizen, went up 12.2 per cent to Rs 37,490 per annum during 2008-09, said the advance estimate for national income released by the Central Statistical Organisation (CSO) on Friday.
India can now claim membership of the select list of economies that have an annual national income of over $1 trillion.
While the forecast was still lower than what we have been recording over the last few years, it instilled a false sense of comfort that India might still weather the storm better than many other countries.
Viewed from an angle, the average debt of every Indian has been estimated to soar to about Rs 30,000 in about a year with the government Competitive economies stepping up it borrowing programme in the next fiscal to fund public expenditure and stimulate the economy.
A relatively slow performance by the industrial sector and a high base effect may slow down gross domestic product (GDP) growth in the second quarter (July-September) of fiscal 2007-08 to below 9 per cent, feel analysts.
The employment grew at the rate of 2.78 per cent in 1998-2005, which is much higher than the 1.75 per cent recorded during 1990-98, the fifth Economic Census report said. The report, compiled by the Central Statistical Organisation, said that Jammu and Kashmir emerged as the state with maximum employment growth of 6.82 per cent followed by Andhra Pradesh (5.87 per cent), Kerala (5.86 per cent) and Haryana (5.35 per cent).
Banking and IT are the two sectors where you can make money by reverse trades. That is, buy one, sell the other and profit from the widening differential.
A day after the Central Statistical Organisation projecting a sluggish agricultural growth this fiscal, Finance Minister P Chidambaram said on Friday the government will take all steps to ensure a four per cent expansion in the farm sector for next 10-20 years. "First charge on our resources is for agriculture, so that it grows at 4 per cent or more for next 10-20 years" Chidambaram said at a National Bank for Agricultural and Rural Development function in New Delhi.
With the Central Statistical Organisation estimates putting India's economic growth rate at 8.7 per cent for the current financial year, spotlight has turned on GDP forecasts by various other agencies.
Forecasters have been converging in the 7.5-8 per cent range when it comes to growth for the full year, and the first-quarter numbers are consistent with that. Yet, it seems the underlying trend is strong enough to limit the damage caused by the downturn, a factor critical to sustaining investment levels in the economy.
In February 2007, for instance, durables grew at 1.1 per cent compared with 20 per cent for the same period last year.
Companies that have been reluctant to share their production and sales data with the government for calculation of various indices will now be forced to do so.
According to data released by the Central Statistical Organisation, India's per capita income has increased by over one-third from Rs 26,003 in 2005-06 to Rs 37,490 in 2008-09, Minister of State for Finance Namo Narain Meena told the Rajya Sabha in a written reply.
Traditional categories in consumer durables are declining in their popularity, while higher-end products are catching up with middle-class consumers.
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