Key spokes of economy with MSMEs presence show fall in growth
Updated: May 31, 2014 01:40:51pm
New Delhi, May 31 (KNN) Several important spokes of the Indian economy such as trade, hotels, transports in services sector and manufacturing have shown a sharp fall in growth in 2013-14 leaving a bruising impact on the small and medium scale businesses.
Trade, hotels, transport and communication which has an overwhelming presence of the MSMEs and accounts for the largest share of the overall GDP could grow barely by 3 per cent in Financial Year 2013-14 against 5.1 per cent in the previous year.
The other two sectors which have significant presence of SMEs almost bleed posting negative growth. These are mining and quarrying (- 1.4 per cent) and manufacturing (-0.7 per cent), according to official figures.
Data released by the Central Statistics Office (CSO) showed the economy grew by 4.7 per cent in 2013-14, shade below the original estimate of 4.9 per cent but slightly above the 4.5 per cent growth in 2012-13.
The manufacturing sector continued to reel under stress, declining 0.7 per cent year-on-year in 2013-14 compared with 1.1 per cent growth in 2012-13.
The mining sector fell 1.4 per cent year-on-year in 2013-14 compared with a decline of an annual 2.2 per cent in the year earlier period.
However, there was a smart rebound in the farm sector which grew an annual 4.7 per cent compared with a 4.5 per cent expansion in the year earlier period. The electricity sector also posted a healthy growth rising an annual 5.9 per cent in 2013-14 compared with a 2.3 per cent growth in 2012-13.
With regards to the banking sector, the release said, “The key indicators of banking, namely, aggregate bank deposits and bank credits have shown growth of 14.6 percent and 14.3 percent, respectively during 2013-14 over the corresponding period in 2012-13, as compared to growth of 15.9 percent and 14.5 percent as on December 2013.”
In the transport and communication sectors, the sale of commercial vehicles, cargo handled at major ports, cargo handled by the civil aviation and passengers handled by the civil aviation registered growth rates of (-) 20.2 per cent, 1.8 per cent, 2.6 per cent and 6.6 per cent respectively during April-March of 2013-14. (KNN/SD)
Trade, hotels, transport and communication which has an overwhelming presence of the MSMEs and accounts for the largest share of the overall GDP could grow barely by 3 per cent in Financial Year 2013-14 against 5.1 per cent in the previous year.
The other two sectors which have significant presence of SMEs almost bleed posting negative growth. These are mining and quarrying (- 1.4 per cent) and manufacturing (-0.7 per cent), according to official figures.
Data released by the Central Statistics Office (CSO) showed the economy grew by 4.7 per cent in 2013-14, shade below the original estimate of 4.9 per cent but slightly above the 4.5 per cent growth in 2012-13.
The manufacturing sector continued to reel under stress, declining 0.7 per cent year-on-year in 2013-14 compared with 1.1 per cent growth in 2012-13.
The mining sector fell 1.4 per cent year-on-year in 2013-14 compared with a decline of an annual 2.2 per cent in the year earlier period.
However, there was a smart rebound in the farm sector which grew an annual 4.7 per cent compared with a 4.5 per cent expansion in the year earlier period. The electricity sector also posted a healthy growth rising an annual 5.9 per cent in 2013-14 compared with a 2.3 per cent growth in 2012-13.
With regards to the banking sector, the release said, “The key indicators of banking, namely, aggregate bank deposits and bank credits have shown growth of 14.6 percent and 14.3 percent, respectively during 2013-14 over the corresponding period in 2012-13, as compared to growth of 15.9 percent and 14.5 percent as on December 2013.”
In the transport and communication sectors, the sale of commercial vehicles, cargo handled at major ports, cargo handled by the civil aviation and passengers handled by the civil aviation registered growth rates of (-) 20.2 per cent, 1.8 per cent, 2.6 per cent and 6.6 per cent respectively during April-March of 2013-14. (KNN/SD)
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