CSO projects India's GDP growth rate for 2019-20 at 5%

08 Jan '20
2 min read
Pic: Shutterstock
Pic: Shutterstock

India's gross domestic product (GDP) growth is seen dipping to an 11-year low of 5 per cent this fiscal, primarily due to poor showing by manufacturing and construction sectors, according to the latest government statistics, which showed the manufacturing sector output growth will decelerate to 2 per cent in 2019-20, down from 6.9 per cent in the previous fiscal.

The first advance estimates of the national income released by the National Statistical Office (NSO) recently showed the construction sector growth is estimated at 3.2 per cent as against 8.7 per cent in 2018-19, according to a Indian media reports.

According to back series GDP data released by the government in November 2018, the previous low in economic growth was recorded at 3.1 per cent in 2008-09.

The GDP growth in the first quarter was 5 per cent and 4.5 per cent in the subsequent three-months period. The Reserve Bank of India (RBI) had also lowered its forecast for the economic growth to 5 per cent while announcing its bi-monthly monetary policy last month.

Deceleration in growth will also be witnessed in other key segments like agriculture, electricity, gas and water supply, trade, hotel and transport sector, finance, real estate and professional services. Some sectors like mining, public administration and defence, however, showed minor improvement.

As per the advance estimates for 2019-20, the growth in real GDP during 2019-20 is estimated at 5 per cent as compared to 6.8 per cent in 2018-19.

The estimated growth of real gross value added (GVA) in 2019-20 is 4.9 per cent as against 6.6 per cent in 2018-19.

The GVA at basic prices for 2019-20 from agriculture, forestry and fishing sector is estimated to grow by 2.8 per cent as compared to 2.9 per cent in 2018-19, the CSO said.

Fibre2Fashion News Desk (DS)

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