New Delhi: The Indian economy is expected to grow at 7.2 per cent in 2018-19, a tad higher from 6.7 per cent in the previous fiscal, mainly due to improvement in the performance of agriculture and manufacturing sectors, the Central Statistics Office said on Monday.
Releasing the first advance estimates of National Income for 2018-19, the Central Statistics Office (CSO) said, “The growth in GDP during 2018-19 is estimated at 7.2 per cent as compared to the growth rate of 6.7 per cent in 2017-18. Real GVA (Gross Value Added) is anticipated to grow at 7 per cent in the current fiscal as against 6.5 per cent in 2017-18,” it said.
According to the CSO data, the expansion in activities in ‘agriculture, forestry and fishing’ is likely to increase to 3.8 per cent in the current fiscal from 3.4 per cent in the preceding year. The growth of manufacturing sector is expected to accelerate to 8.3 per cent this fiscal, up from 5.7 per cent in 2017-18.
The Gross Domestic Product (GDP) had expanded by 7.1 per cent in 2016-17 and 8.2 per cent in 2015-16. However, the mining and quarrying sector growth rate is estimated to decline from 2.9 per cent in 2017-18 to 0.8 per cent in current fiscal.
Very healthy advance GDP growth numbers for 2018-19. GDP grows by 7.2% compared to 6.7% in 2017-18. India remains fastest growing major economy globally. At current prices GDP grows by 12.3% rising to 188.41 lakh crore,” Economic Affairs Secretary Subhash Chandra Garg said in a series of tweets