Slump in agriculture predicted; tough times ahead for UPA
Santanu Banerjee | New Delhi 8 Feb 08 (http://dailypioneer.com/indexn12.asp?main_variable=NATION&file_name=nt2%2Etxt&counter_img=2)
The UPA Government is in for a difficult time with the agriculture crisis worsening and an industrial slowdown in the offing.
The Advance Estimate of the National Income (2007-08) released on Thursday projected a stiff fall in the growth rate in agriculture, forestry and fishing sectors to 2.6 per cent compared to 3.8 per cent for the previous year.
This, despite, a series of measures taken to boost farm production and to alleviate the sufferings of the farmers.
Incidentally, a Full Planning Commission meeting was held last year to find ways for achieving four per cent growth rate in agriculture.
Similarly, the key indicators of construction sectors -- cement and steel -- also indicated slowdown by logging growth rate of 7.4 per cent and 6.5 per cent respectively during April-November, 2007, as against the growth rate of 10.8 and 11.2 per cent respectively for corresponding period in 2006.
This could directly affect job generation and overall growth rate target, which the advance estimate has moderated to 8.7 per cent. There is an apprehension that it will impact expansion and investment plans of the industries particularly in construction and infrastructure.
According to the latest estimates available on the Index of Industrial Production (IIP), the index of mining, manufacturing and electricity sent mixed signals registering growth rates of 4.9 per cent, 9.8 per cent and 7 per cent, respectively during April-November, 2007-08, as compared to the growth rates of 4.2 per cent, 11.8 per cent and 7.3 per cent during April-November, 2007-08.
Thus, the message is loud and clear for the Congress-led UPA: It will not be in position to push ahead with the reform agenda.
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