New Delhi: India’s economic growth slumped to three-year low of 6.5 percent in 2011-12, as compared to 8.4 percent in the previous year, due to poor performance of the manufacturing and farm sectors, official data showed Thursday.
In the fourth quarter of the financial year ended March 31, 2012, the growth in gross domestic product (GDP) slumped to 5.3 percent as compared to 7.8 percent growth registered during corresponding quarter of the previous fiscal.
The GDP at factor cost at constant (2004-05) prices in the year 2011-12 is now estimated at Rs.52,02,514 crore as against Rs.52,22,027 crore estimated earlier on February 7, 2012, showing a growth rate of 6.5 per cent, the Central Statistics Office (CSO) said.
In the quick estimate of GDP released in February, the CSO had projected 6.9 percent growth for 2011-12.
“The downward revision in the GDP growth rate is mainly on account of lower performance in ‘manufacturing’ and ‘trade, hotels, transport and communication’ than anticipated,” the CSO said.