Agri, mfg to push GDP growth to 7.2 percent in FY19: CSO
Indian economy is expected to grow at 72 per cent in 201819, a tad higher from 67 per cent in the previous fiscal, mainly due to improvement in the performance of agriculture and manufacturing sectors, the Central Statistics Office CSO said on Monday
New Delhi: Indian economy is expected to grow at 7.2 per cent in 2018-19, a tad higher from 6.7 per cent in the previous fiscal, mainly due to improvement in the performance of agriculture and manufacturing sectors, the Central Statistics Office (CSO) said on Monday.
The CSO estimate is, however, a bit lower than 7.4 per cent growth projected by the Reserve Bank for the current fiscal. Releasing the first advance estimates of National Income for 2018-19, the CSO said, "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 GDP had expanded by 7.1 per cent in 2016-17 and 8.2 per cent in 2015-16. "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. According to the CSO data, the expansion in activities in 'agriculture, forestry and fishing' is likely to increase to 3.8 per cent in the current fiscal from 3.4 per cent in the preceding year. The growth of the manufacturing sector is expected to accelerate to 8.3 per cent this fiscal, up from 5.7 per cent in 2017-18.
However, the mining and quarrying sector growth rate is estimated to decline from 2.9 per cent in 2017-18 to 0.8 per cent in current fiscal. Trade, hotels, transport, communication and services related to broadcasting will too witness deceleration to 6.9 per cent from 8 per cent in the previous fiscal. The growth rate of public administration, defence and other services will also dip to 8.9 per cent from 10 per cent last fiscal. Electricity, gas, water supply & other utility services growth is estimated at 9.4 per cent in 2018-19, up from 7.2 per cent in the last fiscal.