MUMBAI: India’s gross domestic product (GDP) is expected to drop significantly to 5.0 percent for the fiscal year ending next month, preliminary data released by India’s Central Statistics Office showed on Thursday, declining from the 6.2 percent growth rate seen in 2011-2012.
The estimate by the Central Statistics Office represents a marked drop from earlier projections. In January, the central bank projected GDP growth of 5.5 percent for the current fiscal year, a decline from an earlier estimate of 5.8 percent.
The provisional estimates are contingent upon the “anticipated level of agricultural and industrial production, analysis of budget estimates of government expenditure and performance of key sectors like, railways, transport other than railways, communication, banking and insurance, available so far,” the report said.
According to Thursday’s data, national income registered a growth rate of 4.2 percent in the current fiscal year, compared to 6.1 percent in the previous year, and per-capita income grew at a rate of 2.9 percent, compared to 4.7 percent growth last year.
Meanwhile, capital investment in the country is expected to drop to 2.48 percent from 4.39 percent in the previous year.
DND
