Now the government acknowledges the slowdown.. Maybe Iran is to be blamed.
GDP estimated to grow at 5% in 2019-20, much lower than 6.8% recorded in 2018-19
TIMESOFINDIA.COM | Jan 7, 2020, 05.39 PM IST
NEW DELHI: The first advance GDP (gross domestic product) growth estimates for the fiscal year 2019-20 (FY20) came at 5 per cent as against 6.8 per cent recorded in 2018-19. "Real GDP or GDP at Constant Prices (2011-12) in the year 2019-20 is likely to attain a level of Rs 147.79 lakh crore, as against the provisional estimate of GDP for the year 2018-19 of Rs 140.78 lakh crore, released on May 31, 2019," data released by ministry of statistics and programme implementation showed.
The first estimated growth of real GVA (gross value added) in 2019-20 stood 4.9 per cent as against 6.6 per cent in 2018-19, it added.
Most economists have lowered India's growth forecast to around 5 per cent for FY20, after the Reserve Bank of India (RBI) cut its growth estimate to 5 per cent last month, citing weakening demand and a slowdown in global economic activity.
The advance estimates are based on benchmark indicators, such as the index of industrial production (IIP), which are the approximate sector-wise calculations used to find out what happened in the economy in the first seven months of the fiscal year (FY20). This also includes the performance of listed private companies and crop production estimates.
India's GDP growth for the three months ending September 2019 (Q2 FY20) fell to 4.5 per cent, down from 5 per cent in the previous three months (Q1 FY20) and 7 per cent for the corresponding period of 2018 as consumer spending and private investment weakened further and a global slowdown impacted exports growth.
This was the lowest reading since 4.3 per cent in over six years, recorded for the January-March quarter of 2013. With this reading, India's economic growth fell for the sixth straight quarter.
The output of eight core infrastructure industries contracted for the fourth consecutive month in November by 1.5 per cent, showing no signs of improvement. Since August, the eight core industries are recording negative growth.
It must be noted that to achieve the $5 trillion economy target by 2024-25, nearly 12 per cent nominal GDP growth is required.
The government is scheduled to present the Union Budget on February 1, 2020. The second advance estimates will be released post the presentation of the Budget.
https://timesofindia.indiatimes.com...ed-to-6-8-in-2018-19/articleshow/73139543.cms
GDP estimated to grow at 5% in 2019-20, much lower than 6.8% recorded in 2018-19
TIMESOFINDIA.COM | Jan 7, 2020, 05.39 PM IST
NEW DELHI: The first advance GDP (gross domestic product) growth estimates for the fiscal year 2019-20 (FY20) came at 5 per cent as against 6.8 per cent recorded in 2018-19. "Real GDP or GDP at Constant Prices (2011-12) in the year 2019-20 is likely to attain a level of Rs 147.79 lakh crore, as against the provisional estimate of GDP for the year 2018-19 of Rs 140.78 lakh crore, released on May 31, 2019," data released by ministry of statistics and programme implementation showed.
The first estimated growth of real GVA (gross value added) in 2019-20 stood 4.9 per cent as against 6.6 per cent in 2018-19, it added.
Most economists have lowered India's growth forecast to around 5 per cent for FY20, after the Reserve Bank of India (RBI) cut its growth estimate to 5 per cent last month, citing weakening demand and a slowdown in global economic activity.
The advance estimates are based on benchmark indicators, such as the index of industrial production (IIP), which are the approximate sector-wise calculations used to find out what happened in the economy in the first seven months of the fiscal year (FY20). This also includes the performance of listed private companies and crop production estimates.
India's GDP growth for the three months ending September 2019 (Q2 FY20) fell to 4.5 per cent, down from 5 per cent in the previous three months (Q1 FY20) and 7 per cent for the corresponding period of 2018 as consumer spending and private investment weakened further and a global slowdown impacted exports growth.
This was the lowest reading since 4.3 per cent in over six years, recorded for the January-March quarter of 2013. With this reading, India's economic growth fell for the sixth straight quarter.
The output of eight core infrastructure industries contracted for the fourth consecutive month in November by 1.5 per cent, showing no signs of improvement. Since August, the eight core industries are recording negative growth.
It must be noted that to achieve the $5 trillion economy target by 2024-25, nearly 12 per cent nominal GDP growth is required.
The government is scheduled to present the Union Budget on February 1, 2020. The second advance estimates will be released post the presentation of the Budget.
https://timesofindia.indiatimes.com...ed-to-6-8-in-2018-19/articleshow/73139543.cms
