India's Q4 GDP at 4.8%; FY 2013 GDP is worst in a decade

Business

oi-Sunil

By Sunil Fernandes

Updated: Tuesday, June 4, 2013, 11:02 [IST]

India's GDP or economic growth rates for the 4th quarter ending March 31, 2013 has come in line with estimates at a hugely disappointing 4.8 per cent. The whole year GDP for FY 2013 at 5 per cent is the worst seen in almost a decade and is way below the 9 per cent recorded a few years back. Poor growth rates in electricity and mining were largely responsible for tepid GDP growth rates.

Stock markets failed to recover after the GDP data was announced with the Sensex down 220 points and the Indian rupee trading at a 1-year low of Rs 55.51 to the dollar.

The Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation, released the provisional estimates of national income for the financial year 2012-13 and the quarterly estimates of Gross Domestic Product (GDP) for the fourth quarter (January-March) of 2012-13.

According to the figures released by the CSO, farm sector output for the 4th quarter has seen a growth of 1.4 per cent quarter on quarter, while manufacturing has seen a growth rate of 2.6 per cent.

The growth rates in various sectors were as follows: ‘agriculture, forestry and fishing' (1.4 percent), ‘mining and quarrying' (-3.1 percent), ‘manufacturing' (2.6 percent), ‘electricity, gas and water supply' (2.8 percent) ‘construction' (4.4 percent), 'trade, hotels, transport and communication' (6.2 percent), 'financing, insurance, real estate and business services' (9.1 percent), and 'community, social and personal services' (4.0 percent).

For the full year 2012-2013, the key indicators of construction sector, namely, cement and consumption of finished steel registered growth of 5.6 percent and 3.3 percent, respectively in 2012-13 as against 6.1 percent and 3.9 percent, respectively during April-December 2012. Consequently, the growth of the sector is revised downward to 4.3 percent as against 5.9 percent in the Advance Estimates. Also read in Kannada

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