1 Let me now turn to the key drivers of India’s economic growth and the factors leading to the growth moderation during the post-crisis period after 2007–08. Pre-crisis growth upswing India recorded real GDP growth of 8.7 per cent per annum during the 5-year period 2003–08, contributed by all the three major sectors: agriculture, industry and services (Table 2).
This marked a significant upward shift in the growth trajectory. While the high growth in industry and services sector was supported by past reforms and conducive global economic environment, agricultural growth was partly aided by favourable monsoons.