In fact, as Union finance minister announced in the budget on Friday, India’s likely GDP growth in 2009-10 is 7.2%.
It's official now. There is no economic slowdown in Gujarat. According to a government report, in 2009-10 the state registered 12.99% Gross State Domestic Product (GSDP) growth, which is more than the target of 11.2% set by the Planning Commission under the 11th Five-Year Plan (2007-12).
In fact, as Union finance minister announced in the budget on Friday, India’s likely GDP growth in 2009-10 is 7.2%. As for Gujarat, encouraged by its GSDP, the state now plans to achieve 14% and 15% growth in 2010-11 and 2011-12 respectively.
"The state has a target to achieve 11.2% growth during the 11th Five-Year Plan, as against 9% set for the nation. The state's economy at current prices has recorded an annualised growth rate of 15.04 % for the past six years (2004-05 to 2009-10), one of the highest in the country.
GSDP at current prices in 2009-10 is estimated at Rs3,81,028 crore as against Rs3,37,217 crore in 2008-09, showing an increase of 13 per cent," the state government's statement under the Gujarat Fiscal Responsibility Act (GFRA), 2005, for 2009-10 says.
"It can be observed that while there was a slight decline in GSDP growth during 2008-09, in keeping with the recessionary pressure felt by the Indian economy due to global financial crisis, the state's economy has been quick to rebound in 2009-10 and continues to maintain its high growth trajectory."
The statement further noted that in 2008-09, the shares of primary, secondary and tertiary sectors in the total GSDP growth were 17.76%, 41.05% and 41.19% respectively. The shares of these sectors in the base year 1999-2000 were 18.62%, 39.21% and 42.17% respectively. "This is indicative of a balanced growth of the economy."
"With the resumption of growth process, it is expected that in the next two years of the current Five-Year Plan, the state would accelerate its growth rate to 14% and 15% respectively," the report says.
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