Tuesday, February 4, 2014

Economic growth for 2012-13 lowered to 4.5 percent from 5 percent estimated earlier


The Union Government of India on 31 January 2014 announced that economy might have expanded by 4.5 percent in fiscal year 2012-13
when compared to the previous estimate of 5 percent in account of subdued performance in agriculture, mining and manufacturing.
However, as per the estimates of National Income, Consumption Expenditure, Saving and Capital Formation, the Gross Domestic Product (GDP) growth in 2011-12 has been revised upwards to 6.7 percent from 6.2 percent. Growth in 2012-13 is the lowest of the decade with previous low of 4 percent that was recorded in 2002-03.
Central Statistics Office (CSO) under the Ministry of Statistics and Programme The growth rates and shares of different sectors of economy during 2010-11 to 2012-13 are mentioned belowImplementation has estimated the GDP for 2012-13 along with the second revised estimates for 2011-12 and third revision estimates for 2010-11. CSO has revised the growth for 2010-11 to 8.9 percent from 9.3 percent earlier in the third and final revision.
The revised estimates for 2012-13 estimated the primary sectors including agriculture, mining, quarrying and fishing has grown by one percent against the previous estimate of 1.6 percent. About the secondary sector that includes manufacturing, electricity, gas, water supply and construction has gone down by 1.2 percent from the previous estimate of 2.3 percent.
Gross Domestic Product (GDP) at market prices at constant (2004-05) prices in 2012-13 is estimated at 59 lakh crore as against 56.3 lakh crore in 2011-12 registering a growth of 4.7 percent during the year as against a growth of 6.6 percent in the year 2011-12. At current prices, GDP at market prices in 2012-13 is estimated at 101.1 lakh crore as against 90.1 lakh crore in 2011-12, showing an increase of 12.2 per cent during the year, as against an increase of 15.7 percent in the previous year.
Mandate of Central Statistics Office (CSO)
CSO is the principal data collecting, processing and disseminating agency responsible for coordinating, monitoring and supervising the National Statistical System. It thus has the statutory mandate to produce and provide government, the private sector, parastatal organisations, international organisations, the civil society and the general public with statistical information for evidence based decision-making, policy formulation and planning as well as investment purposes. The statutory mandate also includes the responsibility of providing advisory and technical service to all users on statistical matters.