India's economic growth stood at 4.7 percent in 2013-14 fiscal year and 4.6 percent in the fourth quarter of the financial year from January to March this year, said official statistics Friday.
A decline in manufacturing and mining output is blamed for the sluggish growth rate which, however, is a little higher than the 4. 5 percent in 2012-13 fiscal year but fell short of the Central Statistics Office's advance estimate of 4.9 percent.
The manufacturing sector declined 1.4 percent in the fourth quarter as against growth of 3 percent in the same period of the previous fiscal year, and dropped by 0.7 percent in the 2013-14 financial year compared with a growth of 1.1 percent in 2012-13, said the statistics.
Mining and quarrying contracted 0.4 percent in the January- March quarter as against a decline of 4.8 percent in the same period of 2012-13. During 2013-14, the sector's output shrank 1.4 percent compared with a 2.2 percent dip in production in 2012-13.
Farm output expanded 6.3 percent in January-March compared with 1.6 percent growth in same period of 2012-13. The agriculture sector grew 4.7 percent in 2013-14 compared with 1.4 percent in the previous financial year.
Per capita net national income in real terms (at 2004-05 prices) in 2013-14 is estimated to have attained a level of 39,904 rupees (640 U.S. dollars) compared with 38,856 in 2012-13.
The growth in per capita income is estimated at 2.7 percent during 2013-14 against 2.1 percent during 2012-13./.