Sunday, October 2, 2022

NSO: India’s GDP growth will not be 6.8%, it will be 6.1%

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New Delhi: The figure of revised GDP estimates are out and the buzzing has begun. National Statistical Office (NSO) in the newly released estimates of GDP growth for 2018-19 has said that the numbers are going to be 6.1%. Earlier the estimate was 6.8%. So the growth rate further sees downward. “Real GDP or GDP at constant (2011-12) prices for the years 2018-19 and 2017-18 stand at Rs 139.81 lakh crore and Rs 131.75 lakh crore, respectively, showing a growth of 6.1% during 2018-19 and 7.0% during 2017-18,” the National Statistical Office said in revised national account data released on Friday.  The government has said this downward growth is mainly due to deceleration in mining, manufacturing and farm sectors.

In the same month last year, January 2019, under the first revision real GDP or GDP at constant (2011-12) prices for 2017-18 was pegged at Rs 131.80 lakh crore, showing a growth of 7.2%.

“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’,” the government said in the press release.

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%, 6.0% and 7.7%, as against 5.8%, 6.5% and 6.9%, respectively, in the previous year.

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

The per capita income, that is per capita net national income at current prices, is estimated as Rs 1,15,293 and Rs 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 Rs 76,794 and Rs 84,808 respectively.

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