New Delhi, May 31 (IANS) The Indian economy grew by 8.5 percent in 2010-11, around 10 basis points below earlier projections, due to lower expansions in factory output and financial services in the fourth quarter, official data showed Tuesday.
The advance estimates released by the Central Statistics Office (CSO) earlier had pegged the gross domestic product (GDP) growth at 8.6 percent. But the estimate had to be lowered as the fourth quarter growth was just 7.8 percent.
‘The downward revision is mainly on account of lower performance in mining, quarrying, manufacturing and trade, hotels, transport, and communication and financing, insurance, real estate and business services than anticipated,’ a CSO statement said.
A survey of the Federation of Indian Chambers of Commerce and Industry (FICCI), which polled 12 leading economists from the financial sector and research institutions, had also projected the economic growth at 8.6 percent for 2010-11.
Data released by the premier statistical institution on national income showed that the country’s GDP had expanded 9.3 percent in the first quarter of last fiscal, 8.9 percent in the second and 8.3 percent in the third.
The growth rates of various sectors are as follows:
– Mining and quarrying (5.8 percent)
– Manufacturing (8.3 percent)
– Agriculture, forestry and fishing (6.6 percent)
– Electricity, gas and water supply (5.7 percent)
– Construction (8.1 percent)
– Trade, hotels, transport and communication (10.3 percent)
– Financing, insurance, real estate and business services (9.9 percent)
– Community, social and personal services (7 percent)
