|
|
|
|
|
13th Jamadi-ul-Awwal 1436 | Friday, Mar 06, 2015
Business

5% GDP growth below expectation; efforts on to revive growth: Fin Min

Thursday, 7 February 2013
Comments(0)
February 07:

Finance Ministry on Thursday said CSO's economic growth projection of 5 percent for the current fiscal is below expectations and the government will continue efforts to revive the economy.

"The CSO's growth estimate, no doubt, is below what we had expected it to be. We are keeping a watch on the situation. We have taken and we will continue to take appropriate measure to revive growth," the Ministry said in a statement.

As per the advance estimates of the Central Statistical Organisation (CSO), the GDP growth rate for the current fiscal is estimated to be at 5 percent, the lowest in a decade. The economy grew by 6.2 percent in 2011-12 fiscal.

The Ministry, however, expects the final numbers to be better as indicators are showing an uptrend since November.

"As per practice, this projection is based on extrapolation of numbers till November 2012. Since then leading indicators have turned up, suggesting some hope that we will end the year on a better note," the Ministry added.

The CSO's estimate is sharply lower than that of RBI and government which had projected the economic growth at 5.5 percent and 5.7 percent for this fiscal year.

The lower growth estimate is mainly on account of poor performance of manufacturing, agriculture and services sector.

compared to 3.6 percent 2011-12. Besides, manufacturing growth is also expected to drop to 1.9 percent this fiscal, from 2.7 percent last year.

"The reduction in growth in agriculture and allied sector has been on account of rainfall being lower than normal, particular in the month of June-July. In the industry sector, growth has been lower mainly on account of a reduction in growth of manufacturing sector," the Ministry said.

PTI

Latest News

Kim Kardashian steals attention with mesh dress

Reality TV star Kim Kardashian, who has revealed her platinum blonde locks, ensured all eyes were on ...

'Windies cricket problems mirror cris...

The problems hampering West Indies cricket mirror a crisis plaguing the Caribbean community, St. Lucia Prime Minister Kenny Anthony said. ...

'Dirty politics' in AAP?

For the Aam Admi Party (AAP) to begin falling apart less than a month after its famous victory in the Delhi election wil ...

Related News

Second day of spectrum auction ends; bids grow to Rs 65,000 crore

The second day of the biggest ever telecom spectrum auction ended on Thursday with total bids growi ...

Banks will surely cut lending rates for borrowers: Jayant Sinha

A day after RBI cut the repo rate, the government said banks will "slowly" but surely will reduce le ...

Federal judge approves 415 mln dollar settlement by Apple, Google over ...

A federal judge has tentatively approved the 415 million dollar settlement case put forward by Apple ...

Post new comment

To combat spam, please enter the code in the image.

Rs. 26460 (Per 10g)

Opinion Poll
Do you think the dharna against Modi Government's land ordinance would be successful?
YesNoCan't say

Matrimony | Photos | Videos | Search | Polls | Archives | Advertise | Letters

© The Siasat Daily, 2012. All rights reserved.
Jawaharlal Nehru Road, Abids, Hyderabad - 500001, Telangana, India
Tel: +91-40-24744180, Fax: +91-40-24603188
contact@siasat.com