India economic growth rate for 2012-13 will slump to 5%: government
- PM degree row: BJP slams Kejriwal, makes BA, MA certificates public
- Congress protests against PM's remark that Italian court held Sonia guilty
- Uttarakhand HC dismisses plea of 9 rebel Congress MLAs challenging their disqualification
- Harish Rawat seeks more time to appear before CBI in connection with sting
- Rumours of expelling Indian ambassador 'baseless', says Nepal Deputy PM Kamal Thapa
India's economic growth rate this fiscal is estimated to be sharply lower at 5 per cent, lowest in a decade, on account of poor performance of manufacturing, agriculture and services sector.
This estimate by CSO is drastically lower than what has been projected thus far by the government and RBI.
"The growth in GDP (Gross Domestic Product) during 2012-13 is estimated at 5 per cent as compared to a growth rate of 6.2 per cent in 2011-12," according to the Advanced Estimates released today by the Central Statistical Organisation (CSO).
In 2002-03, the GDP had grown at 4 per cent. Since then the Indian economy has been expanding at over 6 per cent, the highest rate being 9.6 per cent in 2006-07.
CSO's advance estimate lowered the growth in agriculture and allied activities to 1.8 per cent in 2012-13, compared to 3.6 per cent 2011-12.
Manufacturing growth is also expected to drop to 1.9 per cent in this fiscal, from 2.7 per cent last year.
The CSO's GDP growth projection is a lower than the 5.5 per cent forecast made by the Reserve Bank in its quarterly monetary policy review last week.
In its mid-year Economic Review, the government had also estimated growth ranging from 5.7-5.9 per cent. The current estimate is a sharply lower than the 7.6 per cent growth projection for 2012-13 made by government in Budget.
The latest estimate of 5 per cent for the entire fiscal means that the pace of economic expansion has slowed sharply in the second half of 2012-13, given that GDP growth in the April-September period stood at 5.4 per cent.
According to the advance estimates, the services sector including finance, insurance, real estate and business services sectors are likely to grow by 8.6 per cent this fiscal, against 11.7 per cent last fiscal.
- Education qualifications for contesting elections are undemocratic and incoherent
- The discharge of Malegaon accused is a reminder of a recurring injustice
- Supreme Court directive on making NEET compulsory is move in the right direction
- Ujjain Maha Kumbh event: Modi govt’s religious diplomacy is here to stay
- Refugee and migrant crisis cannot be addressed by states acting alone
- The odd-even programme is no long-term solution to pollution