India's GDP rises 4.7% in FY2014

GDP growth at 4.7% for FY2014 came in lower than advance estimates of 4.9%

India's Gross Domestic Product (GDP) rose at steady pace of 4.6% in Q4FY2014 same as in the previous quarter. The GDP growth rose to 4.7% in FY2014 from 4.5% in FY2013, but remained below the advance estimate of 4.9% released in February 2014. The 'agriculture, forestry and fishing' sector has shown a growth rate of 4.7% in FY2014, as against the growth rate of 4.6% in the advance estimates.

In the case of 'mining and quarrying', the output declined 1.4% in FY2014 against 2.2% dip in FY2013. Similarly, the manufacturing sector output declined 0.7% in FY2014 after 1.1% increase in FY2013. The key indicators of construction sector, namely, cement and consumption of finished steel registered a growth of 3.0% and 0.6%, respectively in FY2014. Consequently, the growth of the sector is placed at 1.6% for FY2014

The key indicators of banking, namely, aggregate bank deposits and bank credits have shown growth of 14.6% and 14.3%, respectively during FY2014 over the corresponding period in 2012-13, as compared to growth of 15.9% and 14.5% as on December 2013. In the transport and communication sectors, the sale of commercial vehicles, cargo handled at major ports, cargo handled by the civil aviation and passengers handled by the civil aviation registered growth rates of (-) 20.2%, 1.8%, 2.6% and 6.6% respectively during April-March of FY2014.

Indicators of Railways sector, namely, Net Tonne Kilometers and Passenger Kilometers have shown growth of 1.6 and (-) 1.9% respectively during FY2014 . The Trade, hotels and transport sector have registered a growth of 3.0% in FY2014.

The sector 'community, social and personal services' has shown a growth rate of 5.6% in FY2014.

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