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India's GDP growth rate slows down to 4.4% in Q1 of 2013-14

 
 
India's gross domestic product (GDP) growth slowed down to 4.4 percent in the first quarter (Q1) of financial year 2013-14 over the corresponding quarter of the previous year, data released here today said.
 
The Estimates of GDP for the First Quarter (April-June) of 2013-14, released here today by the Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation, said the quarterly GDP at factor cost at constant (2004-2005) prices for Q1 of 2013-14 is estimated at Rs 13.71 lakh crores, as against Rs 13.14 lakh crores in Q1 of 2012-13.
 
India's economy had grown by 5 percent in 2012-13, the lowest rate in a decade, as compared to 6.2 percent in 2011-12.
 
The country's GDP had grown by 4.8 per cent in the fourth quarter (Q4) of 2012-13, ended on March 31, 2013.
 
Economic activities which registered significant growth in Q1 of 2013-14 over Q1 of 2012-13 are ‘financing, insurance, real estate and business services’ at 8.9 per cent and ‘community, social and personal services’ at 9.4 per cent. 
 
The estimated growth rates in other economic activities are: 3.9 per cent in ‘trade, hotels, transport and communication’, 3.7 per cent in ‘electricity, gas & water supply’, 2.8 per cent in ‘construction’, 2.7 per cent in ‘agriculture, forestry & fishing’, (-)1.2 per cent in ‘manufacturing’ and (-)2.8 per cent in ‘mining & quarrying’ during this period.
 
According to the information furnished by the Department of Agriculture and Cooperation (DAC), which has been used in compiling the estimate of GDP from agriculture in Q1 of 2013-14, the production of coarse cereals and pulses during the Rabi season of agriculture year 2012-13 (which ended in June 2013) recorded growth rates of 9.8 per cent, 13.7 per cent, respectively, while rice and wheat declined by 7.0 per cent and 2.6 percent over the production in the corresponding season of previous agriculture year. 
 
Among the commercial crops, the production of oilseeds increased by 11.4 per cent during the Rabi season of 2012-13.
 
According to the latest estimates available on the Index of Industrial Production (IIP), the index of mining, manufacturing and electricity, registered growth rates of (-) 4.5 per cent, (-) 1.2 per cent and 3.5 per cent, respectively during Q1 of 2013-14, as compared to the growth rates of (-) 1.6 per cent, (-)0.8 per cent and 6.4 per cent in these sectors during Q1 of 2012-13.
 
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The key indicators of construction sector -- production of cement and consumption of finished steel -- registered growth rates of 3.3 per cent and 0.2 percent, during Q1 of 2013-14, an official statement, quoting the data, said.
 
Among the services sectors, the key indicators of railways, the net tonne kilometres showed a growth rate of 1.8 per cent but passenger kilometres declined by 3.4 per cent during Q1 of 2013-14. 
 
In the case of other transport sectors, passengers handled by civil aviation registered growth rates of 3.4 percent, while the sales of commercial vehicles, cargo handled at major ports, cargo handled by civil aviation registered  declines of 8.1 percent, 1.0 percent and 2.1 percent, respectively, during Q1 of 2013-14 over Q1 of 2012-13. 
 
The other key indicators, namely, aggregate bank deposits, and bank credits have shown growth rates of 13.8 per cent, and 13.7 per cent, respectively, as on June 2013.
 
The growth rates of these two indicators -- credits and deposits -- as on June 2012 were 16.5% and 13.5%, respectively.
 
According to the statement, GDP at factor cost at current prices in Q1 of 2013-14 is estimated at Rs 24.38 lakh crores, as against Rs 22.12 lakh crores in Q1, 2012-13, showing an increase of 10.2 per cent.
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The wholesale price index (WPI), in respect of the groups, food articles, manufactured products, electricity and all commodities, has risen by 8.0 per cent, 3.2 per cent, 22.5 per cent and 4.7 per cent, respectively, during Q1 of 2013-14 over Q1 of 2012-13. The WPI of minerals has declined by 4.1 percent during Q1 of 2013-14.
 
The consumer price index for industrial workers (CPI-IW) has shown a rise of 10.7 per cent during Q1 of 2013-14 over Q1 of 2012-13.
 
The statement said Private Final Consumption Expenditure (PFCE) at current prices is estimated at Rs 14.15 lakh crores in Q1 of 2013-14 as against Rs 13.06 lakh crores in Q1 of 2012-13. At constant (2004-05) prices, the PFCE is estimated at Rs 8.51 lakh crores in Q1 of 2013-14 as against Rs 8.37 lakh crores in Q1 of 2012-13. In terms of GDP at market prices, the rates of PFCE at current and constant (2004-2005) prices during Q1 of 2013-14 are estimated at 56.5 per cent and 60.6 per cent, respectively, as against the corresponding rates of 56.4 per cent and 61.1 per cent, respectively in Q1 of 2012-13.
 
Government Final Consumption Expenditure (GFCE) at current prices is estimated at Rs 3.19 lakh crores in Q1 of 2013-14 as against Rs  2.65 lakh crores in Q1 of 2012-13. At constant (2004-2005) prices, the GFCE is estimated at Rs 1.67 lakh crores in Q1 of 2013-14 as against Rs 1.51 lakh crores in Q1 of 2012-13. In terms of GDP at market prices, the rates of GFCE at current and constant (2004-2005) prices during Q1 of 2013-14 are estimated at 12.7 per cent and 11.9 per cent, respectively, as against the corresponding rate of 11.4 per cent and 11.0 per cent each in Q1 of 2012-13.
 
Gross Fixed Capital Formation (GFCF) at current prices is estimated at Rs 7.17 lakh crores in Q1 of 2013-14 as against Rs 6.92 lakh crores in Q1 of 2012-13. At constant (2004-2005) prices, the GFCF is estimated at Rs 4.57 lakh crores in Q1 of 2013-14 as against Rs 4.63 lakh crores in Q1 of 2012-13. 
 
In terms of GDP at market prices, the rates of GFCF at current and constant (2004-2005) prices during Q1 of 2013-14 are estimated at 28.6 per cent and 32.6 per cent, respectively, as against the corresponding rates of 29.9 per cent and 33.8 per cent, respectively in Q1 of 2012-13.
 
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