India: GDP Near 9% Growth in 2012

 Econintersect:  The official government estimates for GDP growth in India has been released by the CSO (Central Statistics Office) in the latest Financial Survey.  The real GDP growth rate for fiscal year 2012 is projected to fall between 8.75% and 9.25%.  A pick-up in savings and investment and strong private consumption have produced real GDP growth of 9.7%  for 2010-11, so the projection for the next year would represent a 5% – 10% slowdown for growth in the Indian economy.The CSO pointed out that there were continuing concerns about the level of inflation for foods and commodities.

The following graphs summarize the India GDP for the current and five prior fiscal years:

Sources:  CSO: State of the Economy and Prospects and CSO Economic Survey Statistical Appendix

Submitted by Sanjeev Kulkarni