New York Times (May 31, 2012)
India’s Growth Slows to 5.3 Percent
By THE NEW YORK TIMES
.
India’s gross domestic product growth for the year ending March 31,
2012 was 6.5 percent, down from earlier estimates of 6.9 percent,
thanks to lower-than-expected performance in “manufacturing, trade,
hotels, transport and communication,” the Ministry of Statistics
reported Thursday. Growth for the three months ending March 31 was 5.3
percent over a year ago, thanks in part to steep drops in cargo
transport and slowing manufacturing, among other factors.
The annual figures are the lowest in a decade, and the fourth quarter
growth figures are the lowest in nine years, according to Thomson
Reuters data.
The figures come as the rupee is plummeting, faith in the economy is
waning and the criticism of the current central government rises.
Credit Suisse called Thursday’s economic figures “shocking,” and said
they could cause politicians to pressure India to lower interest rates.
Per capita net income growth fell from 6.4 percent in the 2010-11
fiscal year to 5.2 percent in the 2011-12 year. Average per capita net
income is 37,851 rupees ($671.36) at 2004-05 prices, and 60,603 at
current prices.
Agriculture was one bright spot. The ministry revised growth estimates
for the 2011-12 fiscal year to 2.8 percent, up from from 2.5 percent.
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