India’s GDP estimated to grow at 7.2% in 2018-19

“Real GVA, i.e. GVA at Basic Constant Prices (2011-12), is anticipated to increase from Rs 119.76 lakh crore in 2017-18 to Rs 128.09 lakh crore in 2018-19.
GDP Data
Economic Growth (Representative Picture)

New Delhi, Jan 7 : India’s GDP (gross domestic product) is estimated to grow at 7.2 per cent in 2018-19 compared to 6.7 per cent growth during the previous fiscal, official data showed here on Monday.

“Real GDP or GDP at Constant Prices (2011-12) in the year 2018-19 is likely to attain a level of Rs 139.52 lakh crore, as against the ‘Provisional Estimate of GDP for the year 2017-18’ of Rs 130.11 lakh crore, released on 31st May 2018,” the Ministry of Statistics and Programme Implementation 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 Ministry said in the “First Advance Estimates of National Income, 2018-19”.

Besides, the growth rate of gross value added (GVA) is anticipated to grow at 7 per cent from 6.5 per cent rate achieved in the previous fiscal.

“Real GVA, i.e. GVA at Basic Constant Prices (2011-12), 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 2018-19 is 7 per cent as against 6.5 per cent in 2017-18,” said the Ministry statement. GVA includes taxes but excludes subsidies.

As per the data, the economic activities which registered a growth of over 7 per cent on a YoY basis were “manufacturing”, “electricity, gas, water supply and other utility services”, “construction” and “public administration, defence and other services”.

The growth in the trade, hotels, transport, communication and services related to roadcasting is estimated to be 6.9 per cent, while financial, real estate and professional services are seen growing at 6.8 per cent. Agriculture, forestry and fishing sector, and mining and quarrying sector are likely to growth at 3.8 per cent and 0.8 per cent, respectively.

Sector-wise, YoY GVA at basic prices for 2018-19 from the consolidated sector of agriculture, forestry and fishing showed a growth of 3.8 per cent from 3.4 per cent in 2017-18.

In addition, GVA in 2018-19 from “manufacturing” sector grew at 8.3 per cent as compared to 5.7 per cent.

“IIP manufacturing registered a growth of 5.6 per cent during April-October 2018-19. The Wholesale Price Index (WPI), in respect of the manufactured products, registered a growth of 4.1 per cent during April-November 2018-19,” the estimates document said.

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