gdp-growth-slumps-to-5-8

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According to latest data released by the Central Statistics Office, India’s GDP grew at 5.8% in the January-March 2019 quarter, dragging down the full year growth to a five-year low of 6.8%. More in News
  • According to Economic Affairs secretary Slowdown in the fourth quarter, GDP was due to temporary factors, like stress in the NBFC sector affecting consumption finance.
  • The rate of growth in the eight core infrastructure industries during April came to 2.6%, against 4.9% in the previous month.
Other Important findings On Growth
  • The slowdown in the economy was led by sluggish growth in the agriculture, forestry and fishing sector (2.9% growth), the mining sector (1.3% growth) and manufacturing (6.9%).
    • The manufacturing sector grew 3.1 per cent in January-March 2019, from 9.5 per cent in the same quarter last year. For the whole year, the manufacturing sector stood at 6.9 per cent in 2018-19 from 5.9 per cent in 2017-18.
  • The sectors which saw a growth rate of over 7% were public administration, defence and other services, construction, financial, real estate and professional services, and electricity, gas, water supply and other utility services.
  • Overall growth for FY19 slumped to a five-year low of 6.8% compared with 7% projected in the second advance estimates released in February. Full-year growth in value-added terms was lower at 6.6%, compared with 6.9% in FY18.
  • China’s economy, in comparison, grew 6.4% in the quarter ended March but for the full year, India still remained the fastest-growing major economy in the world.
  • Private final consumption expenditure in the year rose 8.1% and capital investment as measured by gross fixed capital formation expanded 10% from 9.3% in the previous fiscal.
  • India’s per-capita income increased 10% to Rs 10,534 per month in 2018-19 from Rs 9,580 in FY19. The per-capita income is an indicator of the prosperity of a country.
Also read: New Version of Akash Missile Test-Fired Successfully BIMSTEC Heads Invited to PM’s Swearing-in Source: https://www.thehindu.com/business/Economy/gdp-growth-slumps-to-58/article27394803.ece