"The downward revision in FY13 growth numbers should create a marginally positive base effect for the current fiscal GDP growth rate," Nomura said in a report here. (Agencies)
The report, however, did not quantify the estimated GDP growth in FY'14.
Over the weekend, the CSO slashed FY13 GDP expansion to 4.5 percent from 5 percent earlier - the lowest in over a decade - on account of subdued growth in agriculture, mining, electricity and construction sectors.
According to the revised estimates for the last fiscal, the primary sector, which includes agriculture, fishing, mining and quarrying, grew by just 1 percent against the earlier estimate of 1.6 percent.
Growth in the secondary sector, consisting of manufacturing, electricity, gas, water supply and construction, was 1.2 percent, down from the original estimate of 2.3 percent.
The CSO also revised GDP growth for FY12 to 6.7 per cent from 6.2 percent, while the FY11 expansion figure was re-adjusted downwards to 8.9 percent from 9.3 percent.
Meanwhile, a research report from the State Bank of India said the second revision of FY12 growth to 6.7 percent was primarily due to significant upward revision in manufacturing sector.
"In FY14, we expect GDP growth at 4.8 percent with a downward bias, leaving the economy with two sub-5 percent growth years in succession," the SBI report said.
"The downward revision in FY13 growth numbers should create a marginally positive base effect for the current fiscal GDP growth rate," Nomura said in a report here.