Bhopal: Financial year 2011-12 was going to be a watershed for the economy of Madhya Pradesh, the state government said on Friday, as revised estimates have put the economic growth rate of the period at 12 percent.

The agriculture sector grew at an exceptional 18 percent, a government release said here. Manufacuring sector clocked a close to 17 percent growth, while the industry grew 8 percent.

The contribution of the industrial sector to the state's GDP increased to 29 percent, it said, adding that this would herald a job growth and higher capital investment.

State's growth rate has ranked third in the country in the last four years, and remained above the all-India average growth rate.

Madhya Pradesh had witnessed a negative growth in 2000-01 (-7 percent) and 2002-03 (-4 percent), the release pointed out.

The ruling BJP government also claimed that the state's economy had grown in the last seven years despite various odds, such as less-than-average rainfall for five years.

Frost in 2010-11 had adversely impacted the farm output in the state, it added, saying that despite this, Madhya Pradesh registered about 10 percent growth in 2009-10 and close to 8 per cent in 2010-11.


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