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2006-07 GDP growth revised upwards to 9.6%

2006-07 GDP growth revised upwards to 9.6%

Second highest in history after 10.5% recorded in 1988-89

The Indian economy grew by 9.6 per cent in 2006-07, the second highest in recorded history after the 10.5 per cent registered in 1988-89.

The 9.6 per cent figure based on the ‘quick estimates’ of national income for 2006-07, released by the Central Statistical Organisation (CSO) here on Thursday, is higher than the earlier ‘revised estimate’ of 9.4 per cent and ‘advance estimate’ of 9.2 per cent made on May 31 and February 7, respectively.

The 9.6 per cent growth rate for 2006-07 comes over and above a 9.4 per cent jump in the real gross domestic product (GDP) recorded during the preceding fiscal.

This makes it superior to the all-time-high of 10.5 per cent for 1988-89, which was on a much lower growth base of 3.8 per cent in 1987-88 (a drought year).

Buoyant phase :

The period from 2003-04 to 2006-07 has marked the most buoyant phase of the country’s economy since Independence.

The CSO is scheduled to release the ‘advance estimates’ of national income for 2007-08 in the coming week.

Going by present indications, a GDP growth of 8.5 per cent plus seems likely in the current fiscal.
If that is confirmed by next week’s CSO data, it would translate into an unprecedented, consecutive five years of growth rates in excess of 7.4 per cent.

Of these five years, the first one (2003-04) coincided with the tenure of the Bharatiya Janata Party-led Government, while the remaining four have been under the ruling Congress-headed United Progressive Alliance (UPA) dispensation.

Growth drivers :

The 9.6 per cent overall GDP increase for 2006-07 was powered mainly by services and industry, which grew by 11.2 per cent and 10.6 per cent, respectively.

This was against their corresponding previous year’s levels of 11 per cent and eight per cent.
On the other hand, the farm sector decelerated from 5.9 per cent to 3.8 per cent.

The other notable feature of 2006-07 was the savings rate (gross savings as a proportion of GDP at current market prices), which touched a record 34.8 per cent. This compared to 34.3 per cent, 31.8 per cent, 29.8 per cent, 26.4 per cent and 23.5 per cent in the preceding five years. Over this period, the investment rate (gross capital formation as a proportion of GDP at current market prices), too, climbed from 22.8 per cent to 25.2 per cent, 28.2 per cent, 32.2 per cent, 35.5 per cent and 35.9 per cent.

This clearly reflects a transition of the Indian economy to the league of China the East Asian Tigers. Sustaining this pace is, of course, going to be a challenge for the present as well as future Governments.

During 2006-07, the country’s GDP at current market prices -- the gross value of goods and services produced within its territory -- was assessed at Rs 41,45,810 crore. At an average exchange rate of Rs 40 to a dollar, that works out to well over one trillion dollars.

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Difference between North Indian and South Indian wives

Wives from North:

1. At the time of marriage, a north Indian girl has more boyfriends than her age.
2. Before marriage, she looks almost like a bollywood heroine and after marriage you have to go around her twice to completely hug her.
3. By the time she professes her undevoted love to you, you are bankrupt because of the number of times you had to take her out to movie theatres and restaurants. And you wait longingly for her dowry.
4. The only dishes she can think of to cook is paneer butter masala, aloo sabji, aloo gobi sabji, aloo matar, aloo paneer, that after eating all those paneer and aloos you are either in the bed with chronic cholestrol or chronic gas disorder.
5. The only growth that you see later in your career is the rise in your monthly phone bill.
6. You are blinded by her love that you think that she is a blonde. Only later do you come to know that it is because of the mehandhi that she applies to cover her gray hair.
7. When you come home from office she is very busy watching "Kyonki saas bhi kabi bahu thi" that you either end up eating outside or cooking yourself.
8. You are a very "ESpecial" person to her.
9. She always thought that Madras is a state and covers the whole of south India until she met you.
10. When she says she is going to "work out" she means she is going to "Walk out"
11. She has greater number of relatives than the number of people you have in your home town.
12. The only two sentences in English that she knows are "Thank you" and "How are you"
13. She thinks Govinda can dance better than Michael Jackson.

Wives from South:

1. Her mother looks down at you because you didn't study in IIT or Madras or Anna University .
2. Her father starts or ends every conversation with " ... I say..."
3. She shudders if you use four letter words.
4. She has long hair, neatly oiled and braided (The Dubai based Oil Well Company will negotiate with her on a 25 year contract to extract coconut oil from her hair.)
5. She uses the word 'Super' as her only superlative.
6. Her name is another name for a Goddess or a flower.
7. Her first name is longer than your first name, middle name and surname combined (unless you are from Andhra)
8. When she mixes milk - curd and rice you are never sure whether it is for the Dog or for herself.
9. For weddings, she sports a mini jasmine garden on her head and wears silk saris in the Madras heat without looking too uncomfortable while you are melting in your singlet.
10. She thinks Mohan Lal is the sexiest man alive.
11. Her favourite cricketer is Krishnamachari Srikkanth.
12. Her favourite food is dosa though she has tried North Indian snacks like Chats (pronounced like the slang for 'conversation')
13. She bursts into songs with her cousins in every movie.
14. She bores you by telling you which raaga each song you hear is based on.
15. You have to give her jewellery, though she has already got plenty of it.
16. Her thali (Mangal Sutra) weighs more than the championship belts worn by WWF wrestlers.
17. She is more educated than you.
18. Her father thinks she is much smarter than you.