India economic growth rate for 2012-13 will slump to 5%: government
According to the advance estimates, the services sector including finance, insurance, real estate and business services sectors are likely to grow by 8.6 per cent this fiscal, against 11.7 per cent last fiscal.
However the growth in the mining and quarrying is likely be slightly better at 0.4 per cent, compared to contraction of growth of 0.6 per cent a year ago.
Growth in construction is also likely to be 5.9 per cent in 2012-13, against 5.6 per cent last year.
According to the CSO's advance estimates, growth in electricity, gas and water production is likely to decline to 4.9 per cent in 2012-13, from 6.5 per cent in 2011-12.
During the current fiscal, the trade, hotel, transport and communication sectors are projected to grow by 5.2 per cent, as against 7 per cent last fiscal.
Community social and personal services growth however would be slightly better at 6.8 per cent, compared to 6 per cent in previous fiscal.
Overall, the 5 per cent growth in the advanced estimates is lower than what experts have been forecasting.
Yesterday, the International Monetary Fund (IMF) had said that the Indian economy would grow by 5.4 per cent in 2012-13, but should pick up to six per cent in next fiscal.
The Indian economy had expanded by 8.4 per cent in both 2010-11 and 2009-10, while growth in 2008-09 was 6.7 per cent.
The advance GDP estimates are released by the CSO before the end of a financial year to enable