For a second time in succession, the Indian economy has delivered a less-than-five figure at just 4.7 % in 2013-14. This growth rate fall short of the estimate of 4.9 % given by the Central Statistics Office (CSO) but was higher than 4.5 % — the slowest in the past decade — recorded in 2012-13.
The economic growth rate in 2013-14 was marred by a fall in manufacturing and construction sectors. The 4th quarter of 2013-14 saw 4.6% growth, the same as in the third quarter. However, there is some cheer on the deficit front as the fiscal deficit has fallen to Re.5.08-lakh crore ($ 86.08 billion), which is 4.5 % of GDP. This is lower than the estimated figure of 4.6 % and the 4.9 % deficit recorded in the last fiscal year.