According to data released by the Central Statistical Organisation (CSO) on 31 May 2013, economic growth slowed to 4.8 per cent in the January-March quarter and fell to a decade's low of 5 per cent for the entire 2012-13 fiscal due to poor performance of farm, manufacturing and mining sectors.
The economic growth or gross domestic product (GDP) had expanded by 5.1 per cent in January-March quarter of 2012-13.The Indian economy had grown by 5.4 per cent, 5.2 per cent and 4.7 per cent in the first, second and third quarters, respectively, of 2012-13. The country had clocked 6.2 per cent growth in 2011-12 fiscal.
In January-March quarter of 2012-13, manufacturing sector grew marginally by 2.6 per cent, against 0.1 per cent growth in the same period of the earlier fiscal. During 2012-13, the sector grew by a meagre one per cent compared to 2.7 per cent in the previous fiscal.
Mining and quarrying sector contracted by 3.1 per cent during the fourth quarter of last fiscal.
Farm sector output expanded by just 1.4 per cent in January-March this year, as against 2 per cent in the same quarter of 2011-12. The agriculture sector also grew at a slower rate of just 1.9 per cent in 2012-13 compared to 3.6 per cent in 2011-12.