India’s GDP is expected to grow at 7.2 per cent in FY19 as against 6.7 per cent on-year, Central Statistics Office data showed.
India’s GDP is expected to grow at 7.2 per cent in FY19 as against 6.7 per cent on-year, Central Statistics Office (CSO) data showed on Monday. “The growth in GDP during 2018-19 is estimated at 7.2 per cent as compared to the growth rate of 6.7 per cent in 2017-18”, the Central Statistics Office (CSO) said releasing the first advance estimates of National Income for FY19.
“Real GVA (Gross Value Added) is anticipated to grow at 7 per cent in the current fiscal as against 6.5 per cent in 2017-18,” it said.
Growth in the first and the second quarter of the current financial year have been estimated at 8.2 and 7.1 percent, respectively. The FY19 nominal GDP growth of the economy is expected to be at 12.3 per cent versus 10 per cent year-on-year.
The manufacturing sector is expected to accelerate to 8.3 per cent in FY19, up from 5.7 per cent year-on-year. The FY19 farm sector growth is seen to be at 3.8 per cent when compared with 3.4 per cent in the last fiscal. CSO also sees FY19 services sector growth at 7.3 per cent versus 7.9 per cent.
“Sequential growth has slowed down across the board. Slowdown in manufacturing, construction and select services are the main reasons for slowdown seen in 2018/19,” Reuters reported citing Rupa Rege-Nitsure, chief economist at L&T Financial Holdings Ltd.