Lower output in primary and secondary sectors pulls down growth
The First Revised Estimates of National Income, Consumption Expenditure, Saving And Capital Formation, for the year 2012-13 showed India GDP revised down to 4.5% in 2012-13 from 5% earlier and as against a growth of 6.7% in the year 2011-12. The downward revision was mainly due to lower than provisionally estimated output in primary and secondary sectors.The growth rate of 4.5 per cent in the GDP during 2012-13 has been achieved due to growth in financing, insurance, real estate & business services (10.9%), transport, storage and communication (6%) and community, social and personal services (5.3%). At constant prices, in the primary sector (agriculture, forestry, fishing and mining & quarrying), agriculture, forestry & fishing has shown a growth of 1.4% while mining declined by 2.2% during 2012-13 as against the growth of 5% and 0.1%, respectively during the year 2011-12. The growth of secondary sector (manufacturing, electricity, gas & water supply and construction) is 1.2% and that of tertiary (services) sector is 7% during 2012-13, as against a growth of 8.5% and 6.6%, respectively, in the previous year.
The data also showed lower-than-estimated growth numbers for exports, capital investment and consumption sectors, suggesting deeper underlying weaknesses. Further, the GDP growth rate, which had earlier been stated as 6.2% in January 2013, has now been revised to 6.7% for the year 2011-12. Also, the growth rate of GDP for the year 2010-11 has been revised down from 9.3% to 8.9%.
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