Does GDP data indicate a severe slowdown for Indias economy?
After release of statistics office data, former Finance Minister, P. Chidambaram, requested central bank policy makers not to lose focus on economic growth of India as they try to counter inflationary pressures, which incidentally has long breached 8 percent. However, these numbers cannot be taken indicative of a dramatic slowdown in Indian economy, since nation is experiencing above-average GDP growth. Gainers and losers Manufacturing sector growth has dropped down to about 5.8 percent in three months leading to March 31, 2008. Farm production has also been affected, registering a figure of about 2.9 percent. Gainer was construction sector, which experienced growth of nearly 12.6 percent. Construction sector grew in strength due to rapid rise in erection of new roads, airports, and power plants. GDP Statistics (2007 ) As per estimates published in CIA’s World Factbook, the 2007 GDP figure stood at around $2.966 trillion. Official exchange rate GDP figure was nearly $1.099 trillion. Re
