India’s economic is expected to grow at the rate of 7.2 percent in 2018-19 financial year compared to 6.7 percent rate registered during the previous fiscal, according to official data.
The Ministry of Statistics and Programme Implementation said: “Real GDP or GDP at Constant Prices (2011-12) in the year 2018-19 is likely to attain a level of Rs 139.52 lakh crore, as against the ‘Provisional Estimate of GDP for the year 2017-18’ of Rs 130.11 lakh crore, released on 31st May 2018.”
“The growth in GDP during 2018-19 is estimated at 7.2 percent as compared to the growth rate of 6.7 percent in 2017-18,” the ministry stated the “First Advance Estimates of National Income, 2018-19”.
Besides, the growth rate of gross value added (GVA) is anticipated to grow at 7 per cent from 6.5 percent rate achieved in the previous fiscal.
“Real GVA, i.e. GVA at Basic Constant Prices (2011-12), is anticipated to increase from Rs 119.76 lakh crore in 2017-18 to Rs 128.09 lakh crore in 2018-19.
The growth in the trade, hotels, transport, communication and services related to roadcasting is estimated to be 6.9 percent, while financial, real estate and professional services are seen growing at 6.8 percent. Agriculture, forestry and fishing sector, and mining and quarrying sector are likely to growth at 3.8 percent and 0.8 percent, respectively.