(MENAFN) The government of India stated that the country's economy is expected to expand by 5 percent in the 2012-13 fiscal year, down from 6.2 percent in fiscal 2011-12, reported Xinhua News.
The government attributed the decline to weak growth in the agricultural and manufacturing sectors, expected to grow at 1.8 percent and 1.9 percent respectively.
Furthermore, growth would be driven down by a slow expansion of electricity, gas and water supply, which would stand at 4.9 percent.
Meanwhile, the mining and quarrying sector is projected to rise by 0.4 percent, whereas service sectors, including trade, hotels, transport and communication would grow at 5.2 percent, and service sectors such as financing, insurance, real estate and business services, at 8.6 percent.
It is worth noting that the expected growth for the current fiscal year is India's lowest in 10 years.
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