India lowers 2012-13 growth estimate to 4.5pc

NEW DELHI, Feb 1 (Xinhua): Indian Friday lowered estimate of economic growth in the 2012-13 fiscal year to 4.5 per cent from an earlier estimate of five per cent, due to shrinking agriculture, mining and manufacturing production.

Officials data from the Ministry of Statistics said exports, capital investment and consumption sectors growth is also lower than expected in the fiscal year that ended March 31, 2013.

Meanwhile, the GDP growth for 2011-12 fiscal year was raised to 6.7 per cent from an earlier estimate of 6.2 per cent, while that of the 2010-11 fiscal year was revised down to 8.9 per cent from 9.3 per cent.

The fiscal year starts April 1 each year in India.