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Gross Domestic Product (GDP) in the first quater of fiscal year 2013 recorded a growth of 5.5%, which is tad better than 5.3% GDP number recorded in the previous quarter of fiscal 2012 but significantly lower than 8% witnessed in Q1 of previous year. Analysts say the number will not compel the Reserve Bank of India (RBI) to go in for a rate-cut. In an exclusive interview to CNBC-TV18, chairman of Prime Minister's Economic Advisory Council C Rangarajan said it is a reasonable growth . "The growth of Indian economy will pick up in the second half on the back of industrial production," he said. A TV18 poll had predicted FY13Q1 GDP at 5.3%.
The GDP number in the past few quarters reflect a trend of falling consumption and capital formation. The economic activities which registered significant growth in Q1 of 2012-13 over Q1 of 2011-12 are construction (10.9%), financing, insurance, real estate and business services (10.8% ) and community, social and personal services (7.9%). Meanwhile, Agriculture has come in at better than expected at 2.9%. Most economists had pegged it at 2%.
Q1 GDP at 5.5% vs 5.3 % QoQ - CNBC-TV18
The GDP number in the past few quarters reflect a trend of falling consumption and capital formation. The economic activities which registered significant growth in Q1 of 2012-13 over Q1 of 2011-12 are construction (10.9%), financing, insurance, real estate and business services (10.8% ) and community, social and personal services (7.9%). Meanwhile, Agriculture has come in at better than expected at 2.9%. Most economists had pegged it at 2%.
Q1 GDP at 5.5% vs 5.3 % QoQ - CNBC-TV18
