India’s economic growth estimate for 2011-12 has been revised downward to 6.2 per cent from 6.5 per cent earlier.
This is reflected in the first revised estimate for 2011-12 (earlier called quick estimates) released by the Central Statistics Office (CSO) here on Thursday.
The revised GDP growth estimate of 6.2 per cent is the lowest in nine years after the 2002-03 nadir of 4 per cent.
The CSO had in February last year estimated GDP growth for 2011-12 at 6.9 per cent, but revised it later to 6.5 per cent in May.
The downward revision of GDP estimate for 2011-12 could be attributed to the scaling down of services growth from 8.9 per cent to 8.2 per cent earlier.
CSO has, however, raised agriculture and industry growth estimate to 3.6 per cent and 3.5 per cent, respectively.
Agriculture was earlier estimated to have grown by 2.8 per cent and industry by 3.4 per cent.
Savings rate
The CSO has also pegged the 2011-12 gross domestic savings at 30.8 per cent of GDP as compared to 34 per cent a year ago.
Along with the first revised estimate for 2011-12, the CSO also came up with the second revised estimate for 2010-11 and third revised estimate for 2009-10.
Upward revision
GDP growth estimate for 2010-11 has been revised upwards to 9.3 per cent from 8.4 per cent, and for 2009-10 to 8.6 per cent from 8.4 per cent earlier.
The CSO will release its first estimate on GDP growth for 2012-13 on February 7.
The Reserve Bank of India had on Tuesday cut GDP growth estimate for 2012-13 to 5.5 per cent from 5.8 per cent earlier.