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Economy grows at 4.7 pc in FY'13-14; India Inc jittery
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SME Times News Bureau | 31 May, 2014
India's economy expanded at 4.7 percent in the entire 2013-14 financial
year, marking a second straight year of below 5 percent growth,
official data released Friday showed.
The expansion was slower than an official estimate of 4.9 percent and higher than 4.5 percent growth a year earlier.
This is the second consecutive year of below five percent growth in the last 25 years.
"The
GDP figures which have moderated to 4.7 percent for the fiscal are
disappointing and confirms the apprehension that the economy would miss
the targets of 4.9 percent predicted in the advanced estimates of this
fiscal," Chandrajit Banerjee, director general, Confederation of Indian
Industry (CII) said. "However, going forward, CII expects some
pick up in investments as the de-clogging of the project pipeline would
help revive demand in the economy."
Banerjee added that CII
expects a reformist budget which would effectively address the stress
points in the economy and take measures to kick start the investment
cycle.
Federation of Indian Chambers of Commerce and Industry
(FICCI) President Sidharth Birla said the new government has given an
encouraging outlook and its actions will definitely have a positive
impact on the investment sentiment. “As expected, manufacturing
growth continues to disappoint. The trend needs to be reversed and the
policy direction must aim at boosting manufacturing growth as an
imperative for job creation.
"Constraints on procedural and regulatory sides must be reviewed to promote the spirit of enterprise.”
According
statistics released by the Central Statistics Office, the gross
domestic product grew at 4.6 percent in the fourth quarter
(January-March) of the last fiscal.
Growth was affected by poor performance in mining and manufacturing during the January to March period.
The mining and quarrying output was down 0.4 percent, manufacturing output declined 1.4 percent.
However,
agriculture sector output grew at 6.3 percent. Financing, insurance and
real estate increased by 12.4 percent. Electricity, gas and water
supply was up 7.2 percent and construction activity rose by 0.7 percent.
In
another set of data released Friday, the fiscal deficit during the
2013-14 fiscal year was Rs.5.08 trillion ($86.08 billion)), or
equivalent to 4.5 percent of the country's GDP.
It is lower than the revised estimate of 4.6 percent provided by the government during budget in February.
"The
reduction of fiscal deficit to 4.5 percent of GDP as against the
revised estimate of 4.6 percent is a major positive which would restore
investor confidence and enhance India's image as a stable destination
for doing business," Banerjee said.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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