Govt revises GDP growth rate for fiscal 2018-19 from 6.8% to 6.1%

The Union government on Friday (January 31) revised downwards the economic growth of the country for the financial year 2018-19 from its earlier estimate of 6.8 per cent to 6.1 per cent, mainly due to deceleration in mining, manufacturing and farm sectors.

“Real GDP or GDP at constant (2011-12) prices for the years 2018-19 and 2017-18 stand at ₹139.81 lakh crore and ₹131.75 lakh crore, respectively, showing growth of 6.1 per cent during 2018-19 and 7.0 per cent during 2017-18,” the National Statistical Office (NSO) said in revised national account data.

Under the first revision released in January 2019, real GDP or GDP at constant (2011-12) prices for 2017-18 was pegged at ₹131.80 lakh crore, showing a growth of 7.2 per cent.

“The growth in real GVA (gross value added) during 2018-19 has been lower than that in 2017-18 mainly due to relatively lower growth in Agriculture, Forestry & Fishing, Mining and Quarrying, Manufacturing, Electricity, Gas, Water Supply & Other Utility Services, Financial Services, Public Administration and Defense and Other Services,” it added.

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During 2018-19, at constant prices, the growth rates of primary (comprising agriculture, forestry, fishing and mining & quarrying), secondary (comprising manufacturing, electricity, gas, water supply & other utility services, and construction) and tertiary (services) sectors have been estimated at 1.0 per cent, 6.0 per cent and 7.7 per cent, as against 5.8 per cent, 6.5 per cent and 6.9 per cent, respectively, in the previous year.

The Nominal Net National Income (NNI) at current prices for 2018-19 stands at ₹167.89 lakh crore as against ₹151.50 lakh crore in 2017-18, showing growth of 10.8 per cent during 2018-19 as against 11.2 per cent in the previous year.

The per capita income, that is per capita net national income at current prices, is estimated as ₹1,15,293 and ₹1,26,521 respectively for the years 2017-18 and 2018-19. Per capita Private Final Consumption Expenditure (PFCE) at current prices for the years 2017-18 and 2018-19 is estimated at ₹76,794 and ₹84,808 respectively.

(With inputs from agencies)

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