Government revises down GDP growth for 2011-12 at 6.2 percent

Last Updated: Thu, Jan 31, 2013 12:21 hrs

New Delhi, Jan 31 (IANS) The government Thursday revised downward the economic growth for the financial year 2011-12 at 6.2 percent from the earlier estimate of 6.5 percent.

India's Gross Domestic Product (GDP) at factor cost at constant (2004-05) prices in 2011-12 is estimated at Rs.52,43,582 crore as against Rs.49,37,006 crore in 2010-11, registering a growth of 6.2 percent during the year as against a growth of 9.3 percent in the year 2010-11, according to data released by the Central Statistics Office (CSO).

This is the first revised estimates of the GDP data for the financial year 2011-12. Earlier in the quick estimates, the Central Statistics Office had pegged India's economic growth at 6.5 percent in real term.

At current prices, GDP in 2011-12 is estimated at Rs.83,53,495 crore as against Rs.72,66,967 crore in 2010-11, showing an increase of 15 percent, as against an increase of 19 percent registered in the previous year.

"The growth rate of 6.2 percent in the GDP during 2011-12 has been achieved due to growth in financing, insurance, real estate and business services (11.7 percent), transport, storage and communication (8.4 percent), electricity, gas and water supply (6.5 percent) and trade, hotels and restaurants (6.2 percent)," the CSO said.

At constant prices, the primary sector, i.e. agriculture, forestry and fishing has shown a growth of 3.6 percent during 2011-12 as against 7.9 percent in the previous year.

The growth of secondary sector is 3.5 percent and that of service sector is 8.2 percent in 2011-12, as against a growth of 9.2 percent and 9.8 percent, respectively, in the previous year.

More from Sify: