Date : 30.11.2011 Time : 10.40
The Indian economy grew at 7.7% in the first (April-June) quarter of fiscal year 2012. In the April-June quarter of previous fiscal (2010-11), the economy grew by 8.8 per cent, which is the revised figure, downwards from from initial estimates of 9.3 per cent. http://www.goldennifty.com
The slowdown was mainly due to the poor performance of the manufacturing sector, which grew 7.2% during the quarter versus 12.7% on year-on-year basis.
The services sector, including insurance and real estate, grew by 10% during the quarter, compared to 9.8% expansion in the corresponding period last year, while industry grew by 5.1%. http://www.goldennifty.com
Furthermore, the trade, hotels, transport and communications segments grew by 12.8% in the quarter under review, up from 12.1% in the year-ago period.
The Finance Minister termed the slippage in growth, primarily due to poor performance by manufacturing and mining, as "disappointing".
"There is no room for complacency. We shall have to work very hard--the government and the industry--and I am confident that our workers and farmers would make their contribution in ensuring growth with inclusion," he said, adding that one of the important ingredients is creation of more jobs.
The government estimates the economy to grow by around 8.5 per cent in the current fiscal. The Reserve Bank has projected 8 per cent growth in 2011-12.
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