ECONOMIC SNAPSHOT

Recent Trends in Indian Economy

• India has undergone a paradigm shift owing to its competitive stand in the world. The Indian economy is on a robust growth trajectory and boasts of a stable annual growth rate, rising foreign exchange reserves and booming capital markets among others.
  

• Indian economy is estimated to grow at 8.5 percent in 2010-11 as compared to the growth rate of 8.0 percent in 2009-10. These GDP figures are based at factor cost at constant (2004-05) prices in the year 2010-11. A growth rate of 19.1 percent is estimated for GDP at current prices in the year 2010-11.
  

• According to the Department of Agriculture and Cooperation (DAC), agriculture sector has showed an upward revision as compared to their previous estimates in the production of wheat (84.27 million tonnes from 81.47 million tonnes), pulses (17.29 million tonnes from 16.51 million tonnes), oilseeds (302.51 lakh tonnes from 278.48 lakh tonnes) and sugarcane (340.54 million tonnes from 336.70 million tonnes) during 2010-11. Due to this upward revision in the production, agriculture, forestry and fishing sector in 2010-11 has shown a growth rate of 6.6 per cent, as against the previous growth rate of 5.4 per cent.
  
  

• The Index of Industrial Production of Mining (IIP-Mining) registered a growth rate of 5.9 per cent during 2010-11, as against the growth rate of 8.0 per cent during April-November, 2010, which was used in the Advance Estimates. Due to this decrease in the IIP-Mining, the growth rate in GDP is now estimated at 5.8 per cent, as against the Advance Estimates growth rate of 6.2 per cent.
  

• Similarly, the IIP of manufacturing registered a growth rate of 8.1 per cent during 2010- 11, as against the growth rate of 10 per cent during April-November, 2010. Due to this decrease in the IIP, the growth rate in GDP of manufacturing sector is now estimated at 8.3 per cent, as against the Advance Estimates growth rate of 8.8 per cent.
  
  
• The community, social and personal services sector has shown a rise in growth rate to 7.0 per cent in the Revised Estimates, as against the growth rate of 5.7 per cent in the Advance Estimates, mainly due to rise in total expenditure of Central Government than anticipated (during April-December, 2010, the total expenditure of Central Government showed an increase of 11.2 per cent over the corresponding period of previous year which was extrapolated in the Advance Estimates, whereas the Revised Estimates, 2010-11 showed a rise of 19.4 per cent
  during 2010-11).
  
  
• The per capita income at current prices during 2010-11 is estimated to have attained a level of US$ 1146.84 as compared to US$ 971.80 for the year 2009-10, showing a rise of 17.9 per cent.

Growth in Gross Domestic Product

Annual growth by economic activity in Gross Domestic Product (GDP) for the year 2010-11, released by the Central Statistics office (CSO) of Government of India

Source: Central Statistics Office (CSO), Ministry of Statistics & Programme Implementation, Government of India

Percentage change for economic activities are depicted in table below:

Source: Central Statistics Office (CSO), Ministry of Statistics & Programme Implementation, Government of India