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The details of the figures are somewhat interesting. Agriculture, despite a doubling of the wheat support price, looks set to miss its growth target of 3.8 per cent, likely growing by a more miserly 2.2 per cent. There are economists who argue that this is a demonstration that the government’s attempts to stimulate the rural economy have not been met with success. It is probably advisable for the government to rethink its strategy for rural development.
Perhaps the most encouraging element of the report was that manufacturing grew faster than expected. If the earnings announcements of manufacturing firms are anything to go by, this figure seems quite believable. Yet further growth is likely to be constrained by the chronic power shortage, which is perhaps the single most glaring economic failure of this administration. Rather than trotting out ministers every week, perhaps the government should focus on getting the job done first.
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