GDP revised to 9-yr low of 6.2% in FY’12
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The economy grew at 6.2 per cent in 2011-12 against the anticipated 6.5 per cent. The lower growth base in the last fiscal is, however, expected to push growth in 2012-13, which the finance ministry has pegged at 5.7 to 5.9 per cent. The government will release advance growth estimates for 2012-13 on February 7.
In 2011-12, financing, insurance, real estate and business services recorded the highest growth at 11.7 per cent, farm sector expanded by 3.6 per cent as against 7.9 per cent a year ago. Manufacturing registered a mere 2.7 per cent growth, while mining and quarrying activities dipped by 0.6 per cent.
But as a silver lining, the gross domestic product (GDP) for 2010-11 was revised upwards to a stellar 9.3 per cent as against the earlier 8.4 per cent based on the first revised estimates of National Income, Consumption Expenditure, Saving and Capital Formation that was released on Thursday.
"It is a very positive surprise and is encouraging news in the current scenario. But more worrying is the drop in private corporate investments as well as the savings rate," said DK Joshi, chief economist, Crisil.
The growth in gross domestic savings at current prices in 2011-12 slowed to 30.8 per cent of the GDP at Rs 27,65,291 crore led by a decline in financial savings by households and companies. It grew by 34 per cent to Rs 26,51,934 crore in the previous year, as per estimates of the Central Statistics Office. While household savings grew by 8 per cent, those by the private corporate sector slowed to 7.2 per cent from 7.9 per cent and that of public sector to 1.3 per cent from 2.6 per cent.
Per capita income at Rs 61,564
Despite the economic slowdown, annual per capita income at current prices crossed the Rs 60,000 mark to touch Rs 61,564 in 2011-12. This meant, than on an average Indians were earning Rs 5,130 per month at current prices in 2011-12 as against Rs 4,513 a year ago. But the growth in per capita income at current prices too slowed to 13.7 per cent last fiscal, as compared to 17.1 per cent in 2010-11.
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