India's last quarter GDP grew by 4.8 FY13 GDP growth at decade low

India's GDP grew by 4.8% in the fourth quarter of previous financial year 2012-13 which is slightly higher compared to previous quarter GDP growth of 4.7%. For the previous financial year FY13, yearly GDP growth stood at 5% which is the lowest GDP growth in last decade.

The manufacturing and agricultural sectors witnessed growth of 2.6% and 1.4% respectively which pulled down the overall GDP growth numbers. Growth for each sector is given below.

  • Agricultural sector growth at 1.4% in Q4 FY 2013 compared to 2% Year-on-Year

  • Manufacturing sector growth at 2.6% in Q4 FY 2013 compared to 0.1% Year-on-Year

  • Mining sector growth at -3.1% in Q4 FY 2013 compared to 5.2% Year-on-Year

  • Electricity, gas & water supply sector growth at 2.8% in Q4 FY 2013 Year-on-Year

  • Construction sector growth at 4.4% in Q4 FY 2013 compared to 5.1% Year-on-Year

  • Trade, hotels, transport & comm at 6.2% in Q4 FY 2013 compared to 5.1% Year-on-Year

  • Finance, insurance, realty & biz services at 9.1% in same quarter last year compared to 11.3% Year-on-Year

  • community, social & personal Services sector growth at 4% in Q4 FY 2013 compared to 6.8% Year-on-Year

India's economic growth was at 6.2 per cent for the 2011-12 fiscal. It had grown by 5.4 per cent, 5.2 per cent and 4.7 per cent in the first, second and third quarters, respectively, of 2012-13.

At the same time, the fiscal deficit for previous financial year 202-13 has come in at 4.9% versus budgeted estimate of 5.2% due to higher non-tax revenue mop-up. High fiscal deficit, record high current account deficit and decade low GDP growth will further worsen India-s macro-economic condition. Indian Rupee has been depreciated severely in recent times due to same reason and expected to drop further. RBI governor has also hinted of no rate cuts during its next policy meeting which led to steep market correction following GDP numbers.

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