India's economic growth remains subdued at 4.7% in 2013-14

Tags: Economy
India's economic growth remained subdued at 4.7 per cent in 2013-14 and at 4.6 per cent in the fourth quarter of the financial year, mainly due to a decline in manufacturing and mining output.

The country's economy, or gross domestic product (GDP), had expanded at 4.5 per cent in 2012-13, the slowest pace in the past decade.

Growth in 2013-14 was less than the Central Statistics Office's advance estimate of 4.9 per cent. The economy expanded 4.4 per cent in the fourth quarter (January-March) of 2012-13, according to official data released here today by the Central Statistics Office (CSO).

The manufacturing sector declined 1.4 per cent in the fourth quarter as against growth of 3 per cent a year ago and contracted 0.7 per cent in the financial year compared with growth of 1.1 per cent in 2012-13.

Mining and quarrying contracted 0.4 per cent in the January-March quarter as against a decline of 4.8 per cent in the same period of 2012-13. During 2013-14, the sector's output shrank 1.4 per cent compared with a 2.2 per cent dip in production in 2012-13.

Farm output expanded 6.3 per cent in January-March compared with 1.6 per cent growth in same period of 2012-13. The agriculture sector grew 4.7 per cent in 2013-14 compared with 1.4 per cent in the previous financial year.

Per capita net national income in real terms (at 2004-05 prices) in 2013-14 is estimated to have attained a level of Rs 39,904 compared with Rs 38,856 in 2012-13.

The growth in per capita income is estimated at 2.7 per cent during 2013-14 against 2.1 per cent during 2012-13.

Per capita income at current prices during 2013-14 is estimated to have climbed to Rs 74,380 from Rs 67,839 in 2012-13, a rise of 9.6 per cent.

Gross Fixed Capital Formation (GFCF), a barometer of investment at current prices, is estimated at Rs 32.11 lakh crore in 2013-14 as against Rs 30.72 lakh crore in 2012-13.

At constant (2004-05) prices, GFCF is estimated at Rs 20 lakh crore in 2013-14 as against Rs 20.02 lakh crore in 2012-13.

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