India’s gross domestic product (GDP) is estimated to grow an annual 5.0 percent in the 2012/13 fiscal year, a government statement said on Thursday, citing provisional estimates.
The latest estimate is the worst of all growth projections issued by the government and the central bank. Last month, the central bank had pared the GDP growth estimate for the fiscal year ending in March to 5.5 percent, the worst since 2002/03.
India’s farm 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 in March.
India’s economy grew at 6.2 percent each in the last fiscal years, revised data from the government showed.
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