India Revises Economic Growth to 8.4%

01 February 2012 - Which Way to Pay

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India Revises Economic Growth to 8.4%

The Central Statistics Office (CSO) has released its estimates for India’s national income and consumption expenditure. Yesterday the Indian government revised its economic growth estimates for 2010-11 to 8.4 % down from its earlier forecast of 8.5 %, on the back of strong farm and services sector growth. The CSO showed that the farm sector, including agriculture, forestry and fishing grew 7 % in 2010-11 but also the services sector, which accounts for well over 52 % of the economy, rose 9.3 %. In a statement by the CSO they said, “The 8.4 % expansion in the gross domestic product during 2010-11 has been achieved due to high growth in transport, storage and communication (14.7 %), financing, insurance, real estate and business services (10.4 %), trade hotels and restaurants (9 %) and contraction (8 %).”

The finance ministry said in the current financial year, ending March 2012, the economy is likely to expand around 7 %. India’s economy has slowed recently in regard to the global slowdown but closer to home high inflation and interest rates have also played their part. C. Rangarajan, Chairman of the Prime Minister’s Economic Advisory Council said that it would be difficult for the government to meet the fiscal deficit target of 4.6 % in 2011-12. He added, “The overall growth rate in industry will be well below initial expectations. The world economic situation is also not very encouraging.” Kaushik Basu, chief economic advisor in the finance ministry, said he expected growth in the 2011-12 fiscal year to be just about 7 % and faster growth expected in 2012-13.

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Related Links:
• Ministry of Statistics and Programme Implementation
The Central Statistical Office
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