India lowers FY13 GDP growth to 4.5%

The government on Friday said the economy may have expanded by 4.5 per cent in 2012-13, compared with the earlier estimate of 5 per cent, on account of subdued performance in agriculture, mining and manufacturing.

However, gross domestic product (GDP) growth in 2011-12 has been revised upwards to 6.7 per cent from 6.2 per cent, according to the estimates of National Income, Consumption Expenditure, Saving and Capital Formation.

"Gross domestic product at factor cost at constant (2004-05) prices in 2012-13 is estimated at Rs 54.8 lakh crore as against Rs 52.5 lakh crore in 2011-12, registering a growth of 4.5 per cent during the year as against a growth of 6.7 per cent in the year 2011-12," a press statement said.

Growth in 2012-13 is the lowest in a decade, with the previous low of 4 per cent recorded in 2002-03.

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The estimates for 2012-13 were released by the Central Statistics Office (CSO) under the Ministry of Statistics and Programme Implementation, along with the second revised estimates for 2011-12 and third revised estimates for 2010-11.

Growth for 2010-11 was revised downwards to 8.9 per cent from 9.3 per cent earlier in the third and final revision.

According to the revised estimates for 2012-13, the primary sector, which includes agriculture, fishing, mining and quarrying, grew by 1 per cent against the earlier estimate of 1.6 per cent.

Growth in the secondary sector, including manufacturing, electricity, gas, water supply and construction, was 1.2 per cent, down from the original estimate of 2.3 per cent.

The 4.5 per cent growth rate in 2012-13 is on account of expansion in financing, insurance, real estate & business services (10.9%), transport, storage and communication (6%) and community, social and personal services (5.3%). 

"At current prices, the Gross National Income in 2012-13 is estimated at Rs 92.7 lakh crore as compared to Rs 83.1 lakh crore in 2011-12, showing a rise of 11.5 per cent during the year, as against an increase of 16.0 per cent in the previous year," CSO said in the press release.

According to the statement, per capita income (per capita Net National Income at factor cost) in real terms is estimated to have risen 2.1 per cent to Rs 38,856 in 2012-13 from Rs 38,048 in 2011-12. That compared with an increase of 5.1 per cent during the previous year.

Per capita income at current prices is estimated at Rs 67,839 in 2012-13 as against Rs 61,855 in the previous year, a growth of 9.7 per cent as against an increase of 14.5 per cent during the previous year.

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Gross fixed capital formation, which is an indicator of investment, amounted to Rs 30.7 lakh crore at current prices in 2012-13 as against Rs 28.6 lakh crore in 2011-12, a rise of 7.4 per cent.

At current prices, gross fixed capital formation of the public sector increased 23.5 per cent to Rs 7.9 lakh crore in 2012-13 from Rs 6.4 lakh crore in 2011-12 and that of the private corporate sector by 0.8 per cent to Rs 8.6 lakh crore in 2012-13 from Rs 8.5 lakh crore in 2011-12.

In the household sector, it went up by 3.9 per cent to Rs 14.3 lakh crore in 2012-13 from Rs 13.7 lakh crore in 2011-12.