Government has estimated that the country’s Gross Domestic Product growth to be pegged at 6.9% in the current financial year that ends on March 2012 on the back of negative growth in mining sector.
The manufacturing sector is expected to register a growth of 3.9% in 2011-12 while Construction may record a growth of 4.8%, agriculture, foresty and fishing is anticipated to record a growth of 3.9% in this fiscal year. The mining sector is estimated to register a negative growth of 2.2% in this fiscal year.
During the last two financial years, the economy was grown at the rate of 8.4%. During the growth revision, the finance ministry has maintained calm in fiscal deficit target of 4.6% for the current financial year.
Amid massive borrowing, slow down in economic growth would make tough for the Government to achieve the targeted fiscal deficit for the current year. On Monday, the apex bank has advised Government to cut fiscal deficit in order to stimulate growth.
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