India revises GDP growth for 2018-19 to 6.1% from 6.8%

01 Feb '20

2 min read

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India has revised its economic growth for fiscal 2018-19 to 6.1 per cent from 6.8 per cent estimated earlier, primarily due to deceleration in mining, manufacturing and farm sectors. The latest revision in economic growth figures for 2018-19 came a day before the presentation of the budget in parliament today by finance minister Nirmala Sitharaman.

"Real GDP [gross domestic product] 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 said.

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.

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 latest Economic Survey projected GDP to grow in the range of 6-6.5 per cent for fiscal 2020-21.

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