ibnlive » India

Feb 07, 2013 at 08:07pm IST

Economy to grow at 5 pc in 2012-13 against 6.2 in 2011-12

Mumbai: India's gross domestic product (GDP) is estimated to grow an annual 5 per cent in the 2012-13 fiscal year, a government statement said on Thursday, citing provisional estimates. The latest estimate is the worst of all growth projections issued by the government and the RBI.

Last month, the RBI had pared the GDP growth estimate for the fiscal year ending in March to 5.5 per cent, the worst since 2002-03. India's farm output is expected to grow 1.8 per cent, while manufacturing sector is seen growing an estimated 1.9 per cent in the current fiscal year that ends in March.

India's economy grew at 6.2 per cent each in the last fiscal years, revised data from the government showed.

With Additional Inputs from Reuters