New Delhi, Jan 31 (IANS) India’s economic growth has been revised down to 8.4 percent for 2010-11 from the earlier estimate of 8.5 percent, official data showed Tuesday.
“The Gross Domestic Product (GDP) at factor cost at constant prices in 2010-11 has registered a growth of 8.4 percent over the previous year,” according to provisional data released by the ministry of statistics and programme implementation here.
GDP at factor cost at constant (2004-05) prices in 2010-11 is estimated at Rs.48,85,954 crore, which is 8.4 percent more than the previous year’s Rs.45,07,637 crore.
The major source of growth in the GDP has been from the services sector, which has grown at 9.3 percent.
“The agriculture sector growth has also been impressive at 7 percent during the year 2010-11,” Minister of State for Statistics and Programme Implementation Srikant Kumar Jena said in a statement.
However, the growth in the secondary sector, which includes manufacturing and construction, was at 7.2 percent.
The Gross National Income has registered a growth of 7.9 percent in 2010-11 over the previous year.
The gross domestic savings at current prices in 2010-11 has been estimated at Rs.24.81 lakh crores which constituted 32.3 percent of the country’s GDP at market prices.
The savings rate in 2010-11 has declined from 2009-10. The major reason for the decline is due to decrease in the rates of financial savings of household sector from 12.9 percent to 10 percent and the private corporate sector from 8.2 percent to 7.9 percent.
However, the rate of savings of the public sector has increased to 1.7 percent in 2010-11 as compared to 0.2 percent in the previous year.
