Real GDP growth at 5.3% for 2QFY2013
Real GDP growth for 2QFY2013 came
in line with expectations at 5.3% yoy, decelerating from 5.5% yoy growth
in 1QFY2013 and 6.7% yoy growth in the corresponding quarter of the
previous year. Growth for 2QFY2013 has been largely driven by the
healthy growth in the services sector (weightage: 60%).
The economy
has witnessed a significant decline in its growth trajectory as compared
to the preceding quarters. However we believe that growth has likely
bottomed out for the fiscal year. We expect industrial growth to
stabilize at a lower level for this fiscal year since manufacturing
growth is unlikely to witness a significant turn-around owing partly to a
high base effect for 2HFY2013. We expect the economy to grow at 5.7%
for FY2013.
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