India’s GDP growth slowed to 6.5 per cent in 2011-12
31 May 2012
India's gross national product (GDP) grew at a slower pace of 6.5 per cent in 2011-12, against the earlier projected 6.9 per cent, pulled down by lower growth in the manufacturing, service and communication sectors.
GDP at factor cost at constant (2004-05) prices is now estimated at Rs52,02,514 crore, against Rs52,22,027 crore estimated earlier, showing a growth rate of 6.5 per cent (as against 6.9 per cent in the advance estimates) over the Rs48, 85,954 crore for the year 2010-11 (quick estimates).
GDP for the fiscal fourth quarter (January-March 2012) grew to an estimated Rs13,95,071 crore from Rs13,24,484 crore in Q4 of 2010-11, showing a growth rate of 5.3 per cent, figures released by the Central Statistical Office (CSO) showed.
GDP at factor cost at current prices in Q4 of 2011-12 is estimated at Rs22,32,131crore, against Rs19,92,149 crore in Q4 of 2010-11, showing a growth of 12 per cent.
The downward revision in the GDP growth rate has been mainly on account of lax performance by sectors like manufacturing and trade, hotels, transport and communication, the Central Statistical Office said in its release.
Commenting on the declining growth trend, finance minister Pranab Mukherjee said the slowdown has been due mainly to the tight money policy that pushed up interest costs for businesses and the weak global sentiments that affected growth in domestic private investment.
