New Delhi: The government on Tuesday revised the economic growth rate for 2010-11 financial year slightly down to 8.4 percent from the earlier estimate of 8.5 percent. (Agencies)
"The Gross Domestic Product (GDP) at factor cost at constant prices in 2010-11 has registered a growth of 8.4 percent over the previous year," the Quick Estimates of economic growth released by the Ministry of Statistics and Programme Implementation said.
"The major source of growth in the GDP has been from the services sector which has grown at the rate of 9.3 percent. The agriculture sector growth has also been impressive at 7 percent during the year 2010-11," it said.
The growth of secondary sector, which includes manufacturing and construction sector, stood at 7.2 percent in 2010-11.
In addition, the GDP growth estimate for FY09-10 has been revised upward to 8.4 percent from the previous estimate of 8 percent.
Agriculture sector growth recorded 7 percent growth in 2010-11 as against a mere 1 percent in 2009-10, the data showed.
Finance, insurance, real estate and business services expanded by 10.4 percent in 2010-11 against a growth rate of 9.4 percent in the previous fiscal.
Earlier this month, the Reserve Bank had lowered its GDP growth forecast for the current fiscal to 7 percent, from the earlier estimate of 7.6, due to global economic slowdown, high domestic interest rates and other factors. Trade, hotels and restaurants expanded by 9 percent in 2010-11 against a growth rate of 7.8 percent in 2009-10, the Quick Estimates released by MOSPI Minister Srikant Jena said.
Construction sector grew by 8 percent during the year under review against 7 percent in the previous fiscal.
The mining and quarrying sectors registered 5 percent growth in FY'11, against 6.3 percent expansion in the previous fiscal.
Manufacturing grew by 7.6 percent in 2010-11 compared to a growth of 9.7 percent in 2009-10.
Furthermore, electricity, gas and water production recorded 3 percent growth in FY'11, compared to 6.3 percent expansion in FY'10.
As per the Quick Estimates, the transport, storage and communication sector expanded by 14.7 percent in 2010-11. The sector had grown by 14.8 percent in the previous fiscal.
The GDP at constant prices at market prices during the year 2010-11 has grown at 9.6 percent, as per the data.
New Delhi: The government on Tuesday revised the economic growth rate for 2010-11 financial year slightly down to 8.4 percent from the earlier estimate of 8.5 percent.