Economic Growth of India Estimated to Fall To 5 Percent in 2012-2013 FY

The economic growth of India is estimated to fall to 5 percent in 2012-2013 financial year, which is a lowest figure in 10 years.

Created On: Feb 8, 2013 14:18 ISTModified On: Feb 8, 2013 16:47 IST

The Central Statistics Office (CSO) on 7 February 2013 revealed that the economic growth of India is estimated to fall to 5 percent in 2012-2013 financial year, which is a lowest figure in 10 years. A fall in the economic growth is because of the poor performance of the services, agriculture and manufacturing sectors.

The Central Statistics Office (CSO) in its advance forecast of the national income chopped off the gross domestic product (GDP) growth estimate to 5 percent for financial year which will end on 31 March 2013. This is much less than the GDP of 6.2 percent in 2011-2012 financial year. This is said to be the worst performance of economy of India since 2002-2003 when the economic growth was 4 percent.

The major share of India’s GDP comes from the services sector. The services sector is estimated to record a growth of 5.2 percent in 2012-2013 fiscal year against 7 percent of 2011-2012 fiscal year.

As far as the industry sector is concerned, it is expected that the growth would decrease to 1.9 percent in 2012-2013 FY. The farm sector growth will fall down to 1.8 percent.

It is important to note that the official projection of the economic growth of India is much lower than budgetary estimate as well as projections of the central bank of India and other organisations. In the union budget for financial year 2012-2013 which was presented in March 2012, the government pegged India’s economic growth at 7.6 percent.

Also in the quarterly monetary policy review which took place in the first week of February 2013, the Reserve Bank of India projected the growth of 5.5 percent for 2012-2013 financial year. In the meanwhile, Finance Minister P. Chidambaram had projected the economic growth of 5.7 percent.

In first half of 2012-2013 FY, the economy of India grew by 5.4 percent. However, as per the latest estimate, the growth would be around 4.6 percent in second half of 2012-2013.

Industry bodies in the meanwhile asked the government to press for the reform process in order to revive the economic growth.

Take Weekly Tests on app for exam prep and compete with others. Download Current Affairs and GK app

एग्जाम की तैयारी के लिए ऐप पर वीकली टेस्ट लें और दूसरों के साथ प्रतिस्पर्धा करें। डाउनलोड करें करेंट अफेयर्स ऐप

AndroidIOS

Related Stories

Comment (0)

Post Comment

6 + 2 =
Post
Disclaimer: Comments will be moderated by Jagranjosh editorial team. Comments that are abusive, personal, incendiary or irrelevant will not be published. Please use a genuine email ID and provide your name, to avoid rejection.

    Monthly Current Affairs PDF

    • Current Affairs PDF October 2021
    • Current Affairs PDF September 2021
    • Current Affairs PDF August 2021
    • Current Affairs PDF July 2021
    • Current Affairs PDF June 2021
    • Current Affairs PDF May 2021
    • Current Affairs PDF April 2021
    • Current Affairs PDF March 2021
    View all

    Monthly Current Affairs Quiz PDF

    • Current Affairs Quiz PDF October 2021
    • Current Affairs Quiz PDF September 2021
    • Current Affairs Quiz PDF August 2021
    • Current Affairs Quiz PDF July 2021
    • Current Affairs Quiz PDF June 2021
    • Current Affairs Quiz PDF May 2021
    • Current Affairs Quiz PDF April 2021
    • Current Affairs Quiz PDF March 2021
    View all