The government on Monday said that India's GDP is expected to rise to 7.2 per cent during 2018-19 compared to 6.7 per cent in the previous fiscal, thanks to improvement in the performance of agriculture and manufacturing sectors. This is lower than the Reserve Bank of India's (RBI's) forecast of 7.4 per cent growth in December policy meeting.
During the first half of the current financial year, the Indian economy grew at 7.6 per cent. As compared to 7.6 per cent growth in April-September period, the CSO (Central Statistics Office) expects Indian economy to grow at a slower pace for the rest of the year at around 6.8 per cent.
As per the 'First Advance Estimates of National Income, 2018-19' released by the Central Statistics Office (CSO), Real GDP or Gross Domestic Product (GDP) in the year 2018-19 is likely to attain a level of Rs 139.52 lakh crore.
This is 7.23 per cent higher than Rs 130.11 lakh crore reported during 2017-18.
"The Per Capita Income in real terms (at 2011-12 prices) during 2018-19 is likely to attain a level of Rs 91,921, up from Rs 86,668 for the year 2017-18," CSO reported.
The growth rate in Per Capita Income is estimated at 6.1 per cent during FY19, as compared to 5.4 per cent in the same period last year, showed the data released by the Ministry of Statistics and Programme Implementation.
Sector wise, manufacturing sector is expected to grow at 8.3 per cent this fiscal, up from 5.7 per cent in 2017-18. 'Agriculture, Forestry and Fishing' sector is estimated to grow by 3.8 per cent as compared to growth of 3.4 per cent in 2017-18.
At constant prices, the real Gross Value Added (GVA) is anticipated to increase from Rs 119.76 lakh crore in 2017-18 to Rs 128.09 lakh crore in 2018-19. Anticipated growth of real GVA at basic prices in FY19 is 7.0 per cent as against 6.5 per cent in FY18, it said.
GDP at current prices in the year 2018-19 is likely to touch a level of Rs 188.41 lakh crore, as against Rs 167.73 lakh crore in 2017-18, showing a growth rate of 12.3 per cent.
The nominal Net National Income (NNI), also known as National Income, (at current prices) is likely to be Rs 167.03 lakh crore during 2018-19, up from Rs 148.49 lakh crore for the year 2017-18.
The Ministry will release second advance estimates of national income for the year 2018-19 and quarterly GDP estimate for October-December quarter on February 28, 2019.
Edited by Chitranjan Kumar