India’s GDP growth for the third quarter of the current financial year dropped to just 4.5% compared to 6% GDP growth in the same quarter last year. GDP growth stood at 5.5% and 5.3% in the first and second quarter respectively. This is the lowest quarterly GDP growth in last one decade. The economic growth in the first nine months (April—December) of this fiscal year 2012-13 stood at 5% much lower than 6.6% economic growth during the same period last year.
Manufacturing sector grew marginally by 2.5% in the third quarter compared to 0.7% growth in the same period last financial year. Farm sector output expanded by 1.1% in the quarter compared to 4.1% in the same period last fiscal. Trade, hotels, transport and communications segment grew by 5.1% in the quarter compared to 6.9% in the same quarter last year.
GDP Growth for all different quarters are provided below
- Agriculture, forestry & fishing: 1.1%
- Mining & quarrying: -1.4%
- Manufacturing: 2.5%
- Electricity, gas & water supply: 4.5%
- Construction: 5.8%
- Trade, hotels, transport & communication: 5.1%
- Financing, ins., real est. & bus. services: 7.9%
- Community, social & personal services: 5.4%
The economic data comes after the Finance Minister P Chidambaram’s budget 2013 speech, which gives more importance for faster economic recovery and higher economic growth. At the same time, the Economic Survey 2012-13 has projected India’s economic growth forecast at 6.1-6.7% in the coming financial year.