31 May 2012 10:10 [Source: ICIS news]
SINGAPORE (ICIS)--The Indian economy expanded at a lower-than-expected rate of 6.5% in the fiscal year ending March 2012, with the fourth-quarter growth coming in 5.3%, according to data released by from the Ministry of Statistics and Program Implementation on Thursday.
The GDP growth was lower than the advance estimate of 6.9% made in February 2012, and down by almost 1.9 percentage points from the 8.4% expansion recorded in the fiscal year 2010-2011, the ministry said in a statement.
The Indian rupee is being battered in the foreign exchange market on concerns about a significant slowing down of the Indian economy, ?xml:namespace>
Weaker performance in manufacturing and trade, hotels, transportation and communications sectors caused the downward revision of full-year growth, it said.
Manufacturing posted a 2.5% growth during the fiscal year ended March 2012, it said.
In the fourth quarter,
Trade, hotels, transport and communications segment grew by 7.0%, it said.
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