India's GDP has been estimated at a disappointing 5% for FY 2012-2013, the worst levels since 2002-2003. The estimates were largely disappointing as economists were expecting a GDP of 5.5 per cent. The GDP estimates were also way below the RBI GDP estimates for 2012-2013, which were pegged at 5.5 per cent.
According to the central statistical organisation, growth in the farm output has been placed at 1.8 per cent vs 3.6 per cent for the corresponding period of last year.
2012-2013 foodgrain output has been lowered in comparison to the previous period. Manufacturing growth has been placed at at 1.9 per cent vs 2.7 per cent in 2011-2012.
The rupee fell following the GDP estimates, while the stock markets which were trading higher also dropped.