Other Important findings On Growth
- 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.
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- 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.