GDP grows 5.7% in first quarter

 The quarterly GDP at factor cost at constant (1993-94) prices is estimated at Rs 3,28,837 crore during April-June 2003, against Rs 3,10,966 crore in April-June 2002. Economists expect GDP growth to cross 7 per cent in 2003-04.

 In the first quarter of this fiscal, manufacturing and trade, hotels, transport and communications did much better than in the corresponding period last year, pulling up the overall growth rate.

 The manufacturing sector reported a 6.4 per cent growth, against 3.8 per cent in April-June 2002, while trade grew 9.6 per cent in the first quarter this fiscal, against 6.9 per cent in the first three months of 2002.

 Agriculture reported only a 1.7 per cent growth, against 2.7 per cent in April-June 2002-03. However, first quarter growth in agriculture is always low because not much harvesting takes place in this period.