India's economic growth revised downwards to 8.4 pc for fiscal 2010-11

New Delhi, Jan 31 (PTI) The Indian government today revised the economic growth rate for fiscal 2010-11 ended March 31, 2011 slightly downward to 8.4 per cent from the earlier estimate of 8.5 per cent. "The Gross Domestic Product (GDP) at factor cost at constant prices in 2010-11 has registered a growth of 8.4 per cent over the previous year," the Quick Estimates of economic growth released by the Ministry of Statistics and Programme Implementation (MOSPI) said. "The major source of growth in the GDP has been from the services sector which has grown at the rate of 9.3 per cent. The agriculture sector growth has also been impressive at 7.0 per cent during the year 2010-11," it said. The growth of secondary sector, which includes manufacturing and construction sector, stood at 7.2 per cent in 2010-11. GDP during the year at factor cost at constant (2004-05) prices amounted to Rupees 48.86 trillion (about USD 980 billion) during 2010-11 compared to Rs 45.08 trillion (about USD 900 mn). At current prices, GDP in 2010-11 amounted to Rs 71.57 trillion (USD 1.43 trillion) compared to Rs 60.91 trillion (about USD 1.22 trillion) in the previous year, showing a growth of 17.5 per cent during the year. Meanwhile, India's GDP growth estimate for FY2009-10 has been revised upward to 8.4 per cent from the previous estimate of 8.0 per cent. Agriculture sector growth recorded 7.0 per cent growth in 2010-11 as against a mere 1.0 per cent in 2009-10, the data showed. Finance, insurance, real estate and business services expanded by 10.4 per cent in 2010-11 against a growth rate of 9.4 per cent in the previous fiscal. Trade, hotels and restaurants expanded by 9.0 per cent in 2010-11 against a growth rate of 7.8 per cent in 2009-10. Construction sector grew by 8.0 per cent during the year under review against 7.0 per cent in the previous fiscal. The mining and quarrying sector registered 5 per cent growth in FY'11, against 6.3 per cent expansion in the previous fiscal. Manufacturing grew by 7.6 per cent in 2010-11 compared to a growth of 9.7 per cent in 2009-10. Furthermore, electricity, gas and water production recorded 3 per cent growth in FY'11, compared to 6.3 per cent expansion in FY'10. As per the Quick Estimates, the transport, storage and communication sector expanded by 14.7 per cent in 2010-11. The sector had grown by 14.8 per cent in the previous fiscal. PTI