India's GDP growth fell to 4.5 percent in 2012-13: Government

The government Friday said the country's economic growth slumped to 4.5 percent in 2012-13, substantially lowering the earlier estimate of 5 percent.

According to the first revised estimate of national income for 2012-13 released by the Central Statistics Office (CSO), India's gross domestic product (GDP) expanded by 4.5 percent.

This is the slowest pace of economic expansion in a decade. The country's GDP had expanded by 6.7 percent in 2011-12.

In its estimate released in May last year, the CSO has pegged the GDP growth for the financial year 2012-13 at 5 percent.

GDP at factor cost at constant (2004-05) prices in 2012-13 is estimated at Rs.54.8 lakh crore as against Rs.52.5 lakh crore in 2011-12 registering a growth of 4.5 percent during the year as against a growth of 6.7 percent in the year 2011-12, CSO said in a statement.

"At current prices, GDP in 2012-13 is estimated at Rs.93.9 lakh crore as against Rs.83.9 lakh crore in 2011-12, showing an increase of 11.9 percent during the year, as against an increase of 15.8 percent in the previous year," it said.