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Govt Revises GDP Growth Rate for 2018-19 to 6.1% from 6.8%

Representative Image.

Representative Image.

Real GDP prices for the years 2018-19 and 2017-18 were Rs 139.81 lakh crore and Rs 131.75 lakh crore, respectively, showing growth of 6.1 per cent during 2018-19 and 7.0 per cent during 2017-18.

New Delhi: The government on Friday revised downwards the economic growth rate for 2018-19 to 6.1% from 6.8% estimated earlier, mainly due to deceleration in mining, manufacturing and farm sectors.

"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 growth of 6.1% during 2018-19 and 7% during 2017-18," the National Statistical Office said in revised national account data released on Friday.

Under the first revision released in January 2019, 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'," 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%, 6% 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 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.

first published:January 31, 2020, 18:10 IST