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Business

India's GDP growth projection lowered to 7% in 2018-19

New Delhi, Feb 28 

India is estimated to grow at a slower pace of 7 per cent in 2018-19, down from the 7.2 per cent attained during the previous financial year, according to official data.

"Real gross domestic product (GDP) at constant (2011-12) prices in the year 2018-19 is likely to attain a level of Rs 141 lakh crore, as against the 'First Revised Estimates of GDP' for the year 2017-18 of Rs 131.80 lakh crore, released on January 31 2019," said the Second Advance Estimates of National Income released on Thursday.

"The growth in GDP during 2018-19 is estimated at 7 per cent as compared to the growth rate of 7.2 per cent in 2017-18," said the official data released by the Central Statistics Office (CSO) here.

According to the CSO, the GDP growth during the third quarter (Q3) of 2018-19 stood at 6.6 per cent against a rise of 7 per cent in Q2 and 8 per cent in Q1.

Besides, the growth rate of gross value added (GVA) is anticipated to grow at 6.8 per cent from the 6.9 per cent rate achieved in the previous fiscal. GVA includes taxes but excludes subsidies.

"Real GVA, i.e., GVA at basic constant prices (2011-12), is anticipated to increase from Rs 121.04 lakh crore in 2017-18 to Rs 129.26 lakh crore in 2018-19," said the statement on Second Advance Estimates. 

"Anticipated growth of real GVA at basic prices in 2018-19 is 6.8 per cent as against 6.9 per cent in 2017-18," it said.