GDP growth rate for 2018-19 revised downwards to 6.1% from 6.8% on deceleration in mining, manufacturing, farm sectors

New Delhi: The government on Friday revised downwards the economic growth rate for 2018-19 to 6.1 percent from 6.8 percent 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 percent during 2018-19 and 7.0 percent 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 percent.

#JustIn | Govt revises FY19 GDP growth to 6.1% from 6.8% earlier & FY19 GVA growth to 6.0% from 6.6% earlier pic.twitter.com/VYBvyapjZh

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“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 percent, 6.0 percent and 7.7 percent, as against 5.8 percent, 6.5 percent and 6.9 percent, 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 percent during 2018-19 as against 11.2 percent 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.