(MENAFN- Khaleej Times) Indian government on Friday sharply revised down economic growth for financial year 2012-13 to 4.5 per cent from its earlier estimate of five per cent due to lower farm and manufacturing output
According to the first revised estimates of national income for 2012-13 released by the Central Statistics Office (CSO), India's gross domestic product (GDP) expanded by 4.5 per cent
This is the slowest pace of economic expansion in a decade. The country's GDP expanded by 6.7 per cent in 2011-12
In its estimates released in May last year, the CSO pegged the GDP growth for the 2012-13 financial year at five per cent
Farm sector growth fell to 1.4 per cent, while manufacturing expanded by a sluggish 1.2 per cent during the year under review
Services sector that has 56.3 per cent share in the country's GDP, posted a growth of seven per cent in 2012-13 year-on-year
GDP at factor cost at constant (2004-05) prices in 2012-13 is estimated at Rs.54.8 lakh crore as against Rs.52.5 lakh crore in 2011-12, registering a growth of 4.5 per cent during the year as against a growth of 6.7 per cent in the year 2011-12, CSO said in a statement
"At current prices, GDP in 2012-13 is estimated at Rs93.9 lakh crore as against Rs83.9 lakh crore in 2011-12, showing an increase of 11.9 per cent during the year, as against an increase of 15.8 per cent in the previous year," it said
The growth rate of GDP for the financial year 2010-11 has been revised down to 8.9 per cent from 9.3 per cent, mostly due to the revised data received from the State Directorates of Economics and Statistics after the previous release made in January 2013, the CSO said
For financial year 2011-12, the GDP growth is revised upward at 6.7 per cent from earlier estimate of 6.2 per cent
The CSO released "First Revised Estimates" of national income, consumption expenditure, saving and capital formation for the financial year 2012-13 along with the second revised estimates for the year 2011-12 and third revised estimates for the year 2010-11.۬The data also showed lower than estimated growth numbers for exports, capital investment and consumption sectors, suggesting deeper underlying weaknesses in Asia's third-largest economy, which grew at more than nine per cent before the 2008 global financial crisis.
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