FY’13 GDP growth revised down to 4.5%

India's economy grew at a slower pace of 4.5 per cent in the 2012-13 financial year, against the provisional estimate of 5.0 per cent, revised estimates released by the Central Statistics Office (CSO) show.

According to the revised numbers (first revision), India's gross domestic product (GDP) at factor cost at constant (2004-05) prices in 2012-13 stood at Rs54,80,000 crore, against Rs52,50,000 crore in 2011-12 - a growth of 4.5 per cent.

India's GDP had grown at a faster pace of 6.7 per cent in the 2011-12 financial year according to the revised data.

At current prices, GDP in 2012-13 is estimated at Rs93,90,000 crore against Rs83,90,000 crore in 2011-12, showing an increase of 11.9 per cent during the fiscal, against an increase of 15.8 per cent in the previous fiscal.

Data released today also showed that Asia's third-largest economy lagged in growth numbers for exports, capital investment and consumption sectors.

The Indian economy had recorded growth rates of more than 9 per cent before the 2008 global financial crisis.

GDP growth for 2011-12 fiscal was, however, upwardly revised to 6.7 per cent from 6.2 per cent, but that of the 2010-11 financial year was revised down to 8.9 per cent, from 9.3 per cent.

At constant (2004-05) prices, gross national income (GNI) of the country at factor cost in 2012-13 is estimated at Rs54,20,000 crore, against Rs52,00,000 crore in 2011-12, showing a rise of 4.1 per cent during the year, against an increase of 6.9 per cent in the previous year. 

At current prices, GNI in 2012-13 is estimated at Rs92,70,000 crore compared to Rs83,10,000 crore in 2011-12, showing a rise of 11.5 per cent during the year, against an increase of 16.0 per cent in the previous year.

The growth rate of 4.5 per cent in the GDP during 2012-13 has been achieved due to growth in financing, insurance, real estate and business services (10.9 per cent), transport, storage and communication (6 per cent) and community, social and personal services (5.3 per cent).

At constant prices, in the primary sector (agriculture, forestry, fishing and mining and quarrying), agriculture, forestry and fishing has shown a growth of  1.4 per cent while mining declined by 2.2 per cent during 2012-13 as against the growth of 5 and 0.1 per cent, respectively, during the year 2011-12.

The growth of secondary sector (manufacturing, electricity, gas and water supply and construction) stood at 1.2 per cent and that of tertiary (services) sector it was 7 per cent during 2012-13, against a growth of 8.5 per cent and 6.6 per cent, respectively, in the previous year.