New Delhi: The economic growth is likely to fall to a three-year low of 6.9 percent in 2011-12, mainly due to sharp slowdown in manufacturing, agriculture and mining sectors, against 8.4 percent expansion in the last fiscal. (Agencies)
Agriculture and allied activities are likely to grow at 2.5 percent in 2011-12, compared to a robust growth of 7 percent in 2010-11, according to the Advanced Estimates released today by the Central Statistical Organisation (CSO).
Manufacturing growth is also expected to drop down to 3.9 percent in this fiscal from 7.6 percent last year.
The CSO's GDP growth projection is a tad lower than the 7 percent forecast made by the Reserve Bank of India in its quarterly monetary policy review last month.
In its mid-year Economic Review, the government had also pegged growth at around 7.5 percent. The current estimate is a sharply lower than the 9 percent growth projection for 2011-12 made by the government in its pre-Budget survey in February last year.
The latest GDP growth estimate of 6.9 percent for the entire fiscal means that the pace of economic expansion slowed in the second half of 2011-12, given that GDP growth in the April-September, 2011, period stood at 7.3 percent.
According to the advance estimates, mining and quarrying is likely to witness a decline of 2.2 percent, compared to a growth of 5 percent a year ago.
Growth in construction is also likely to slip to 4.8 percent in 2011-12, against an 8 percent in 2010-11.
Furthermore, the finance, insurance, real estate and business services sectors are likely to grow by 9.1 percent this fiscal, against 10.4 percent last fiscal.
New Delhi: The economic growth is likely to fall to a three-year low of 6.9 percent in 2011-12, mainly due to sharp slowdown in manufacturing, agriculture and mining sectors, against 8.4 percent expansion in the last fiscal.