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Govt revises GDP growth figure for FY10 to 8 pc

New Delhi: The government on Monday revised the GDP growth rate for the 2009—10 financial year upward to 8 per cent from the earlier estimate of 7.4 per cent on the back of improved performance of the manufacturing and services sectors.

“The growth rate of 8 per cent in the GDP during 2009—10 has been achieved due to high growth in manufacturing (8.8 per cent), financing, insurance, real estate & business services (9.2 per cent), transport, storage and communication (15.0 per cent), community, social and personal services (11.8 per cent),” the official data showed.

In addition, the GDP growth estimate for FY2008—09 has been revised marginally upward to 6.8 per cent from the previous estimate of 6.7 per cent.

Agriculture sector growth recorded 0.4 per cent growth in FY2009—10 after witnessing a 0.1 per cent decline in FY2008—09, the data showed.

In addition, the mining and quarrying sectors registered 6.9 per cent growth in FY’10, as against 1.3 per cent expansion in the previous fiscal. Furthermore, electricity, gas and water production recorded 6.4 per cent growth in FY’10, compared to 4.9 per cent expansion in FY’09.

Govt grants additional Rs 8,000 cr subsidy for fuel retailers

New Delhi: The government on Monday approved an additional subsidy of Rs. 8,000 crore to make up for the losses suffered by state-run fuel retailers on the sale of diesel, LPG and kerosene below cost in the third quarter.

The Finance Ministry on Monday issued a letter approving the payment of a cash compensation of Rs. 4,442.45 crore to IOC, Rs. 1,809.85 crore to BPCL and Rs. 1,747.70 crore to HPCL, an Oil Ministry official said.

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