Growth slumps to 4.5% in Q3 on poor show of manufacturing, mining, farm sectors:
NEW DELHI: The country's economic growth slumped to 4.5 per cent in the third quarter of the current financial year on poor show of manufacturing, mining and farm sectors.
Government data released by the Central Statistics Office (CSO) just hours after the Union Budget on Thursday showed that the Indian economy remained under pressure despite the reform push.
The quarterly gross domestic product (GDP) at factor cost at constant (2004-05) prices for third quarter of 2012-13 is estimated at Rs 14,11,594 crore, as against Rs 13,51,252 crore in the corresponding quarter of previous year, showing a growth rate of 4.5 per cent, said the CSO.
Government data released by the Central Statistics Office (CSO) just hours after the Union Budget on Thursday showed that the Indian economy remained under pressure despite the reform push.
The quarterly gross domestic product (GDP) at factor cost at constant (2004-05) prices for third quarter of 2012-13 is estimated at Rs 14,11,594 crore, as against Rs 13,51,252 crore in the corresponding quarter of previous year, showing a growth rate of 4.5 per cent, said the CSO.
The GDP expansion in the October-December quarter was much lower than the 5.4 per cent growth registered in the first half of the year.
Manufacturing, mining and agriculture sectors remained a big drag on growth. Mining output slumped to 1.4 per cent in the quarter under review. Farm sector registered a paltry growth of 1.1 per cent and manufacturing 2.5 per cent in the quarter ended December 31, 2012.
Finance, insurance, real estate and business services registered a growth of 7.9 per cent, while construction grew 5.8 per cent. Community, social and personal services grew 5.4 per cent, trade, hotels, transport and communication 5.1 per cent and electricity, gas and water supply 4.5 per cent in the quarter under review.
Presenting the Union Budget for 2013-14 in Lok Sabha, finance minister P Chidambaram said India's economic growth was much below potential.
"In the current year, the CSO has estimated growth at 5 per cent while the RBI has estimated growth at 5.5 per cent. Whatever may be the final estimate, it will be below India's potential growth rate of 8 per cent," Chidambaram said.
The Economic Survey for 2012-13 released a day ahead of the General Budget pegs the gross domestic product (GDP) growth for the next financial year at 6.1 to 6.7 per cent.
Manufacturing, mining and agriculture sectors remained a big drag on growth. Mining output slumped to 1.4 per cent in the quarter under review. Farm sector registered a paltry growth of 1.1 per cent and manufacturing 2.5 per cent in the quarter ended December 31, 2012.
Finance, insurance, real estate and business services registered a growth of 7.9 per cent, while construction grew 5.8 per cent. Community, social and personal services grew 5.4 per cent, trade, hotels, transport and communication 5.1 per cent and electricity, gas and water supply 4.5 per cent in the quarter under review.
Presenting the Union Budget for 2013-14 in Lok Sabha, finance minister P Chidambaram said India's economic growth was much below potential.
"In the current year, the CSO has estimated growth at 5 per cent while the RBI has estimated growth at 5.5 per cent. Whatever may be the final estimate, it will be below India's potential growth rate of 8 per cent," Chidambaram said.
The Economic Survey for 2012-13 released a day ahead of the General Budget pegs the gross domestic product (GDP) growth for the next financial year at 6.1 to 6.7 per cent.
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