India's GDP growth fell to 4.5% in 2012-13: Government

India's economic growth slumped to 4.5% in 2012-13, substantially lowering the earlier estimate of 5%.

The Indian government said on Friday that the country's economic growth slumped to 4.5% in 2012-13, substantially lower than earlier estimates of 5%.

According to the first revised estimate of national income for 2012-13, released by the Central Statistics Office (CSO), India's gross domestic product (GDP) expanded by 4.5%.

This is the slowest pace of economic expansion in a decade. The country's GDP had expanded by 6.7% between 2011-12.

In its estimate released in May last year, the CSO pegged GDP growth for the financial year 2012-13 at 5%.

GDP at factor cost at constant (2004-05) prices in 2012-13 is estimated at Rs54.8 trillion as against Rs52.5 trillion in 2011-12 registering a growth of 4.5% during the year as against a growth of 6.7% in the year 2011-12, CSO said in a statement. "At current prices, GDP in 2012-13 is estimated at Rs93.9 trillion as against Rs83.9 trillion in 2011-12, showing an increase of 11.9% during the year, as against an increase of 15.8% in the previous year," it said.