New Delhi: India registered its worst gross domestic product (GDP) growth in a decade with the economy registering a paltry growth rate of five per cent during the 2012-13 financial year due to poor performance of
farm, manufacturing and mining sectors. The growth rate during the last quarter of January-March period is just 4.8 per cent compared to 5.1 per cent in the same period in 2011-12.
While the farming sector grew at 1.4 per per cent during the year, the manufacturing sector growth was just 2.6 per cent. The economic growth had expanded by 5.1 per cent in January-March quarter of the 2011-12 fiscal. Economy had grown at 4 per cent in 2002-03.
India's economic growth was at 6.2 per cent for the 2011-12 fiscal. It 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, according to data released by the Central Statistical Organisation (CSO) on Friday.
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 under review 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, as against growth of 5.2 per cent in output in the same period of 2011-12. The contraction in mining sector remained unchanged at 0.6 per cent in 2012-13 over the previous fiscal.
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.
The growth rate of electricity, gas and water supply also slowed to 2.8 per cent in the fourth quarter from 3.5 per cent witnessed in the same quarter of 2011-12. The segment grew by 4.2 per cent in 2012-13 compared to 6.5 per cent in previous fiscal.
Construction sector expanded by 4.4 per cent in Q4 of 2012-13, as against 5.1 per cent in the year-ago period. The segment grew by 4.3 per cent in 2012-13 as against 5.6 per cent in the previous fiscal.
Trade, hotels, transport and communications segment grew at 6.2 per cent in the January-March quarter this year as against 5.1 per cent in the same period a year ago. The sector grew at 6.4 per cent in 2012-13 compared to 7 per cent in the previous fiscal.
Growth rate of services sector, including insurance and real estate, stood at 9.1 per cent in fourth quarter against 11.3 per cent in same quarter of 2011-12. The segment grew by 8.6 per cent in 2012-13 compared to 11.7 per cent in 2011-12.
Community social and personal services registered a growth of 4 per cent in Q4 period compared to 6.8 per cent in the January-March quarter of 2011-12. The segment grew by 6.6 per cent in 2012-13 against 6 per cent in the previous fiscal.
The Sensex plunged over 200 points soon after the GDP growth numbers came out.
(With additional information from PTI)
Comments
0 comment