India’s FY19 GDP growth falls to 6.8 per cent

31 May 2019

Economic growth in India, estimated in terms of gross domestic product (GDP) hit a low of 5.8 per cent in the January-March quarter of the 2018-19 financial year, pulling down overall growth rate for the 2018-19 financial year to 6.8 per cent.

The Q4 GDP growth rate is the slowest in the past 17 quarters, and is seen falling behind China’s growth rate for the first time in nearly two years, provisional data released by the National Statistical Office (NSO) today showed..

In fact the country’s GDPP growth has steadily declined from 8.0 per cent in Q1 to 7.0 per cent in Q2, to 6.6 per cent in Q3 and further to 5.8 per cent in the fourth quarter of the 2018-19 financial year.

The country’s GDP at constant (2011-12) prices in Q4 of 2018-19 is estimated to have grown at 5.8 per cent to Rs37,20,000 crore in Q4 of fiscal 2018-19 against Rs35,15,000 crore in Q4 of 2017-18.

Gross value added (GVA) at basic prices at constant (2011-12) prices in Q4 of 2018-19 is estimated at Rs33,06,000 crore, against Rs31,27,000 crore in Q4 of 2017-18, showing a growth rate of 5.7 per cent year-on-year.

GDP growth rate has been dented by a 0.1 per cent decline in agriculture production, forestry and fishing. Output in the ‘mining and quarrying’ secor stood at 4.2 per cent, ‘manufacturing’ at 3.1 per cent, ‘electricity, gas, water supply and other utility services’ (4.3 per cent) ‘construction’ (7.1 per cent), 'trade, hotels, transport and communication' (6.0 per cent), 'financial, real estate and professional services' (9.5 per cent), and ‘public administration, defence and other services' (10.7 per cent).

India’s real GDP or GDP at constant (2011-12) prices for the financial year 2018-19 is now estimated at have expanded at a slower pace of 6.8 per cent to Rs140,78,000 crore compared with the GDP (first revised) estimates of Rs131,80,000 crore for the 2017-18 financial year.

Real gross value added (GVA) ie, GVA at basic constant (2011-12) prices for the year 2018-19 is now estimated to have expanded at 6.6 per cent to Rs129,07,000 crore over the first revised estimates of GVA for the year 2017-18 of Rs121,04,000 crore, released on 31 January 2019.

The sectors which registered growth rate of over 7.0 per cent are 'public administration, defence and other services’ (8.6 per cent), construction (8.7 per cent), 'financial, real estate and professional services' (7.4 per cent), ‘electricity, gas, water supply and other utility services (7.0 per cent)’.

Growth rate in the ‘agriculture, forestry and fishing’, ‘mining &quarrying’, ‘manufacturing’ and ‘trade, hotels, transport, communication and services related to broadcasting’ is estimated to be 2.9 per cent, 1.3 per cent, 6.9 per cent and 6.9 per cent, respectively.

Gross National Income (GNI) of the country at constant 2011-12 prices is now estimated at Rs139,32,000 crore during 2018-19, against the previous year’s estimate of Rs130,34,000 crore. In terms of growth rates, the Gross National Income is estimated to have risen by 6.9 per cent during 2018-19, in comparison to the growth rate of 7.2 per cent in 2017-18.

Per capita income in real terms (at 2011-12 prices) during 2018-19 is estimated to have reached a level of Rs92,565 compared to Rs87,623 during the 2017-18 fiscal. The growth rate in per capita income is estimated at 5.6 per cent during 2018-19, against 5.7 per cent in the previous year.

GDP at current prices for the year 2018-19 is estimated at Rs190,10,000 crore, showing a growth rate of 11.2 per cent over the first revised estimates of GDP for the year 2017-18 of Rs170,95,000 crore.

Gross national income (GNI) at current prices is estimated at Rs188,17,000 crore during 2018-19, against Rs169,10,000 crore during 2017-18, showing a rise of 11.3 per cent.

Per capita income at current prices during 2018-19 is estimated to have attained a level of Rs1,26,406 compared with the estimates for the year 2017-18 of Rs1,14,958, showing a rise of 10.0 per cent.

GDP Growth Rate (Annual and Quarterly) 2018-19

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