January 31, 2014 / 12:57 PM / in 4 years

India revises down 2012/13 GDP growth to 4.5 percent y/y

Workers prepare to unload steel rods with a crane from a goods train at a railway yard in Ahmedabad January 8, 2014. REUTERS/Amit Dave/Files

NEW DELHI (Reuters) - India revised down its economic growth for the fiscal year 2012/13 to 4.5 percent from 5.0 percent earlier, the government data showed on Friday, on lower than provisionally estimated output in farm and manufacturing sectors.

The latest numbers are the first revised gross domestic product (GDP) estimates for the last fiscal year.

The data also showed lower than estimated growth numbers for exports, capital investment and consumption sectors, suggesting deeper underlying weaknesses in Asia’s third-largest economy, which grew at more than 9 percent before the 2008 global financial crisis.

The GDP growth for 2011/12 fiscal year was, however, upwardly revised to 6.7 percent from 6.2 percent, but that of the 2010/11 year was revised down to 8.9 percent from 9.3 percent, the data from the Ministry of Statistics showed.

The government and the central bank have often blamed sharp data revisions for creating problems for policy formulations.

Reporting by Manoj Kumar and Rajesh Kumar Singh; editing by Malini Menon

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