The Growth of Gross Domestic Product The new paradigmatic shifts, since the liberalisation process took off, after unshackling the socialistic edifice, has brought a perceptible change in the Indian economy. The growth in real Gross Domestic Product (GDP) during the last three years, i.e. during 1994-1997, ranged from 7.2% to 7.5%. The current year, 1997-98 is an exception at 5%. While growth in industry averaged 9.5% during the same period, it is down to 4.2% for the year ended 1997-98. The trend seems to be in symphony with the overall slowdown in the Asian markets. Over 26% of the GDP component is dominated by the Agricultural sector, having clocked a production of 198.2 mln tons in 1996-97, while 1997-98 saw a decline to 194.1 mln tons. The share of Gross Domestic Savings (GDS) to GDP increased to 26.1% i....

Number Of Pages: 5

Number Of Words: 1125

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