India lowers estimate of 2012-13 growth to 4.5%

Indian Friday lowered estimate of economic growth in the 2012-13 fiscal year to 4.5 percent from an earlier estimate of five percent, due to shrinking agriculture, mining and manufacturing production. Officials data from the Ministry of Statistics said exports, capital investment and consumption sectors growth is also lower than expected in the fiscal year that ended March 31, 2013. Meanwhile, the GDP growth for 2011-12 fiscal year was raised to 6.7 percent from an earlier estimate of 6.2 percent, while that of the 2010-11 fiscal year was revised down to 8.9 percent from 9.3 percent. The fiscal year starts April 1 each year in India.