The Department of Statistics issued a new series of national accounts with 1993-94 as base year replacing the existing series with base year 1980-81.

According to the new series, GDP (gross domestic products) growth rate has been revised downward to five per cent from 5.1 per cent with 1980-81 as the base year. The agriculture sector registered a negative growth of 1.3 per cent during the year, A C Kulshreshtha, deputy director general, CSO said.

The decline in the GDP of agricultural growth was mainly because of steep fall in the production of wheat by five per cent, coarse cereals nine per cent, pulses eight per cent, oilseeds 10 per cent and cotton by 22 per cent during 1997-98 as compared to the previous year.

The savings in 1997-98 have fallen to 23.1 per cent of GDP as against 24.4 per cent in the previous year. The Department ofStatistics has incorporated various improvements in the new series of national accounts. Some of the services like private communication services and private activities under television and radio have been captured for the first time, Kulshreshtha said.

Worked out at current prices the GDP for the year 1997-98 has grown by 11 per cent to Rs 1,426,670 crore as against that of the previous year when it stood at Rs 1,285,259 crore.

"The 5 per cent GDP growth for 1997-98 has mainly come about due to high growth registered in manufacturing, electricity, communications, banking and insurance and hotels amongst others," said Kulshreshtha.

With this, the per capita national income in real terms at the new 1993-94 prices is estimated at Rs 9,660 for 1997-98 as against that of the previous year (1996-97) when it stood at Rs 9,377. At this level the per capita national income registered a growth of 3.0 per cent.

Gross Domestic Savings (GDS) at current prices is estimated at Rs 361,518 crore constituting as muchas 23.1 per cent of the GDP against the previous year's estimate of Rs 344,391 crore. The rise in the quantum of the GDS has been due to the contributions of the household sector but a fall in the contribution from the public sector has come about at the same time.

Gross capital formation at current prices stood at Rs 387,377 crore in 1997-98 against Rs 361,687 crore in 1996-97. At constant prices gross capital formation stood at Rs 294,108 crore from the previous year's estimate of Rs 285,508 crore.