India's scorching economic growth is estimated to slow sharply in the current fiscal year ending next month due to weak performance of the agriculture and manufacturing sectors, the Government said. However, the forecast by the Central Statistical Organisation (CSO) is still better than economists' consensus projection. The Gross Domestic Product (GDP) is estimated to have grown by 7.1% in the year ending March 31, 2009 as against a healthy 9% expansion in the previous financial year, the CSO said.

Agriculture sector is likely to grow by 2.6% versus 4.9% in the year ended March 2008. Manufacturing is forecast to have expanded by 4.1% compared to 8.2% in the year 2007-08. Services is expected to maintain a strong growth at 9.6% versus 10.9% in the previous fiscal year. Mining is estimated to grow at 4.7% as against 3.3% in the year ended March 31, 2008. Construction growth is seen at 6.5% compared to 10.1% last year while Financial Services sector is expected to grow by 8.6% versus 11.7% in the last financial year.