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GDP forecast revised to 6.9% against 8.4% last year
Gross domestic Product (GDP) which refers to the market value of all final goods and services produced within a country in a given period.
According to Advanced Estimates released today by the Central Statistical Organisation (CSO), Agriculture and related are expected to grow by 2.5% current fiscal year, where as last year in 2010-11 it was at 7%.
Manufacturing growth is also estimated to slip to 3.9% in this fiscal from 7.6% last year. Growth in construction may also dip to 4.8%, against an 8% in 2010-11.
According to the CSO, mining and quarrying may decline to 2.2%, whereas last year it had growth of 5%.
The finance, insurance, real estate and business services sectors are expected to grow by 9.1% this fiscal, against 10.4% a year ago.
Reserve Bank of India last month forecast that GDP growth projection will be around 7%. The current estimate is a sharply lower than the 9% growth projection for 2011-12 made by the government in its pre-Budget survey in February last year, reports PTI.
Commenting on the GDP growth estimates, Planning Commenting on the GDP growth estimates, Planning Commission Deputy Chairman Montek Singh Ahluwalia said: "The 6.9 per cent is consistent with what we have been saying. "We said 7 per cent for year (2011-12) as whole. (With) 7.3 per cent in the first half and 6.9 in the third quarter, 7 per cent is possible."
Electricity, gas and water production is, however, likely to be better this year. The segments are expected to grow up by 8.3% in 2011-12, against 3% in 2010-11.
During the current fiscal, the trade, hotel, transport and communication sectors are projected to grow by 11.2%, against 11.1% last fiscal.
The government and the RBI had earlier said that global economic slowdown and the high domestic interest rate regime is likely to act as a dampener in this fiscal's growth.
GoodReturns.in
Sources from PTI
