(Photo: Mint)
(Photo: Mint)

GDP growth rate for FY19 revised downwards to 6.1% from 6.8% estimated earlier

  • Deceleration in mining, manufacturing and farm sectors is the reason
  • Per capita Private Final Consumption Expenditure at current prices for the years 2017-18 and 2018-19 is estimated at 76,794 and 84,808 respectively

New Delhi: The government on Friday revised downwards the economic growth rate for 2018-19 to 6.1 per cent from 6.8 per cent 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 139.81 lakh crore and 131.75 lakh crore, respectively, showing growth of 6.1 per cent during 2018-19 and 7.0 per cent 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 131.80 lakh crore, showing a growth of 7.2 per cent.

"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 per cent, 6.0 per cent and 7.7 per cent, as against 5.8 per cent, 6.5 per cent and 6.9 per cent, respectively, in the previous year.

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

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

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

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