Pranab hopes an upward revision in GDP growth

The Finance Minister Pranab Mukherjee on Tuesday said that he hopes to see an upward revision in the Gross Domestic Product (GDP) growth when the full data for the year 2011-12 becomes available.

Mukherjee made the comments in the backdrop of the figures of advance estimates of GDP for the year 2011-12 which were released by the Central Statistical Organisation (CSO) on Tuesday.

Mukherjee said that he anticipates an upward revision in the GDP growth numbers when the full data for year 2011-12 becomes available.

He said, " The main reason for decline in the GDP growth is slowdown in industrial growth, in particular in investment growth."

The Finance Minister said that the negative growth in mining sector along with slowdown in construction sector has also contributed to the decline in GDP growth.

He said: "Though figures of advance estimates for GDP for the current fiscal somewhat look disappointing by our recent growth experience, yet considering the current global context and the slowdown in the domestic industrial sector in particular, the growth performance is not all that surprising. "

Mukherjee said that there have been some encouraging signs in the recent weeks on business sentiments, Rupee exchange rate, moderation in headline inflation, possibility of a bumper Rabi crop, and continued strong performance of the service sector which should help in recovering the growth momentum.