India's GDP growth rate grew by 5.3 percent in the quarter ended March 2012 below the market expectations of 6.1 percent, marking the lowest growth rate since 3.6 percent in the January-March quarter of 2003.
Meanwhile, on May 31 the Central Statistics Office (CSO) of the Indian government released the revised estimates for national income for the financial year 2011-12. The GDP growth rate in the fiscal year 2011-12 is now estimated at 6.5 percent, against 6.9 percent in the previous estimates. The government noted that the downward revision in the GDP growth rate is mainly on account of lower performance in manufacturing and trade, hotels, transport and communication than anticipated.