India Sees Weaker 2013/14 Growth


08/02/2014 08:34 AST

The pace of India's economic growth in fiscal year 2013/14 was below expectations, though faster than the previous year, latest official estimates showed on Friday.

Gross domestic product rose 4.9 percent in the fiscal year ending March 31, mainly driven by strong performance in the financial and business services, farm and the utility sectors, figures from the Central Statistics Office revealed.

The figure is weaker than the finance ministry's expectation of 5 percent. Growth was hurt by contractions in manufacturing and mining & quarrying.

On January 31, the CSO had revised down the growth figure for 2012-13 to a decade-low 4.5 percent from 5 percent. The agency, however, revised up the growth figure for 2011-12 to 6.7 percent from 6.2 percent.

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