New Delhi: India's Annual Gross Domestic Product (GDP) for 2019-20 slowed down to 7-year low at 5 percent as against 8 percent in previous fiscal and 5.8 percent for Q4 2018-19, government data showed on Friday.
“GDP at Constant (2011-12) Prices in Q1 of 2019-20 is estimated at Rs 35.85 lakh crore, as against Rs 34.14 lakh crore in Q1 of 2018-19, showing a growth rate of 5.0 percent. Quarterly GVA at Basic Price at Constant (2011-12) Prices for Q1 of 2019-20 is estimated at Rs 33.48 lakh crore, as against Rs 31.90 lakh crore in Q1 of 2018-19, showing a growth rate of 4.9 percent over the corresponding quarter of previous year,” an official release said.
The first quarter estimates are based on agricultural production during Rabi season of 2018-19, government said.
The economic activities which registered growth of over 7 percent in Q1 of 2019-20 over Q1 of 2018-19 are ‘Electricity, Gas, Water Supply & Other Utility Services’, ‘Trade, Hotels, Transport, Communication and Services Related to Broadcasting’ and ‘Public Administration, Defence and Other Services’. The growth in the ‘Agriculture, Forestry and Fishing’, ‘Mining and Quarrying’, ‘Manufacturing’, ‘Construction’ and ‘Financial, Real Estate and Professional Services’ is estimated to be 2.0 percent, 2.7 percent, 0.6 percent, 5.7percent, and 5.9 percent, respectively, during this period, official data showed.
In its third bi-monthly monetary policy the RBI said real GDP growth for 2019-20 is revised downwards from 7.0 per cent in the June policy to 6.9 percent – in the range of 5.8-6.6 percent for H1:2019-20 and 7.3-7.5 percent for H2 – with risks somewhat tilted to the downside; GDP growth for Q1:2020-21 is projected at 7.4 percent.