India's Gross Domestic Product (GDP) is estimated to grow an annual five percent in the 2012-13 fiscal year. The provisional data issued by the Central Statistics Office shows that agriculture output is expected to grow 1.8 percent, while manufacturing sector is seen growing an estimated 1.9 percent in the current fiscal year that ends on March 31, 2013. Revised data from the government showed that India's economy grew at 6.2 percent each in the last fiscal years.
Our correspondent reports that the latest estimate is the worst of all growth projections issued by the government and the Reserve Bank of India. Last month, the RBI had pared the GDP growth estimate for the fiscal year ending in March to 5.5 percent, the worst since 2002-03.
Chairman of the Prime Minister's Economic Advisory council C Rangrajan has expressed disappointment over the estimated 5 per cent growth rate. He added that the number may be revised upwards when more data for the second half of the financial year comes in.