India's gross domestic product (GDP) is estimated to grow an annual 5.0 percent in the 2012/13 fiscal year, a government statement said on Thursday, citing provisional estimates.
The latest estimate is the worst of all growth projections issued by the government and the RBI.
RUPA REGE NITSURE, CHIEF ECONOMIST, BANK OF BARODA, MUMBAI:
"5 percent GDP growth for the full year is more in tune with reality. The industrial sector downturn has extended beyond anyone's expectation. In the first eight months of the year, for almost six months the manufacturing output has been negative.
Exports have been continuously declining, non-food credit growth is slowing while agricultural sector performance has also been sub-optimal.
"After the government started showing a firm resolve to put things in place in mid-September, the series of data that has been released is also reflecting sustained deterioration across various growth indicators."