India’s GDP growth hits decade-low of 5% in 2012-13
New Delhi, March 31, 2013:
India’s economy grew 5% in the year ended March, the slowest pace
in a decade, in line with the projection of the statistics office.
Growth in the fourth quarter slowed to 4.8% from 5.1% in the year ago.
During the year, agriculture grew at 1.9% compared with 3.6%
a year ago, manufacturing at 1% against 2.7%, the trade,
communication sector at 6.4% compared with 7%, while community
services measuring government expenditure picked up to 6.6% from 6%
a year ago, according to data released by the Central Statitstics Office on Friday.
The per capita national income in real terms during 2012-13
is estimated to have risen to Rs.39,168 from Rs.38,037 in 2011-12.
The growth rate in per capita income is estimated at 3% in 2012-13
as against 4.7% in 2011-12. While private consumption expenditure as
a percentage of GDP marginally picked up to 59.6% in 2012-13 from
59.2% a year ago, gross fixed capital formation, a proxy for
investment demand, fell marginally to 33.2% from 33.7%. India’s
economy is poised for a gradual recovery in 2013, driven by large
investment projects and foreign direct investment, after slumping to
its slowest pace of growth in a decade in the previous year, the
Organisation for Economic Cooperation and Development (OECD) said in its economic outlook on Wednesday.
“Among major emerging market economies, a moderate cyclical
upturn is getting under way in China, while a more hesitant pick-up
in growth is seen to take place in India,” the Paris- based
organization said. Source: Agencies