Saturday, February 14, 2004
Much ado about GDP growth: "Much ado about GDP growth
January 31, 2004
On exactly 10 occasions in the last half-century, Indian agriculture has grown by more than 7 per cent when a good monsoon followed a drought year and agricultural decline.
GDP growth in those 10 years averaged exactly 8 per cent -- and this includes performance in the first three post-Independence decades when average GDP growth was the miserable 'Hindu rate' of 3.5 per cent.
The feel-good year to beat all feel-good years was of course 1988-89 (when Rajiv Gandhi was at the helm), for GDP growth crossed into double digits for the first and only time, hitting 10.5 per cent on the back of 15.4 per cent agricultural growth. "