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Economic growth slowed down to 4.8% in the January-March quarter of 2012-13 compared to 5.1% in the same period previous fiscal
India’s economic growth slowed to 4.8% per cent in the January-March quarter and fell to a decade's low of 5% for the entire 2012-13 fiscal on poor performance of farm, manufacturing and mining sectors.
The economic growth or gross domestic product (GDP) had expanded by 5.1% in January-March quarter of last fiscal. Economy had grown at 4% in 2002-03.
India's economic growth stood at 6.2% for the 2011-12 fiscal. It had grown by 5.4%, 5.2% and 4.7% in the first, second and third quarters, respectively, of 2012-13, according to data released by the Central Statistical Organisation (CSO) today.
In January-March quarter of 2012-13, manufacturing sector grew marginally by 2.6%, against 0.1% growth in the same period of the earlier fiscal.
During 2012-13, the manufacture g sector grew by a meagre 1% compared to 2.7% in the previous fiscal.
Mining and quarrying sector contracted by 3.1% during the fourth quarter of last fiscal, as against growth of 5.2% in output in the same period of 2011-12. The contraction in mining sector remained unchanged at 0.6% in 2012-13 over the previous fiscal.
Farm sector output expanded by 1.4% in the January-March period this year against 2% in the comparative quarter of 2011-12.
The agriculture sector also grew at a slower rate of just 1.9% in 2012-13 compared to 3.6% in 2011-12.