New Delhi: The government on Thursday revised downward the economic growth for the financial year 2011-12 at 6.2 per cent from the earlier estimate of 6.5 per cent.
India’s Gross Domestic Product (GDP) at factor cost at constant (2004-05) prices in 2011-12 is estimated at Rs52.43 trillion (Dh3.6 trillion) as against Rs49.37 trillion in 2010-11, registering a growth of 6.2 per cent during the year as against a growth of 9.3 per cent 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 per cent in real term.
At current prices, GDP in 2011-12 is estimated at Rs83.53 trillion as against Rs72.66 trillion in 2010-11, showing an increase of 15 per cent, as against an increase of 19 per cent registered in the previous year.
“The growth rate of 6.2 per cent in the GDP during 2011-12 has been achieved due to growth in financing, insurance, real estate and business services (11.7 per cent), transport, storage and communication (8.4 per cent), electricity, gas and water supply (6.5 per cent) and trade, hotels and restaurants (6.2 per cent),” the CSO said.
At constant prices, the primary sector, i.e. agriculture, forestry and fishing has shown a growth of 3.6 per cent during 2011-12 as against 7.9 per cent in the previous year.
The growth of secondary sector is 3.5 per cent and that of service sector is 8.2 per cent in 2011-12, as against a growth of 9.2 per cent and 9.8 per cent, respectively, in the previous year.