Indian economy likely to grow at 7-7.4 per cent in FY19: NCAER

NEW DELHI: Indian economy is projected to grow at 7-7.4 per cent in the current fiscal, economic policy think-tank NCAER said Thursday.

According to a report by the National Council of Applied Economic Research (NCAER), the real agriculture Gross Value Added (GVA) is envisaged to grow at 3 per cent and real industry GVA at 7 per cent in 2018-19.

"The forecast for Gross Value Added (GVA) at basic prices is 7.0-7.4 per cent. These forecasts at constant (2011-12) prices are based on NCAER's annual GDP macro model," NCAER's Mid-Year Review of the Economy said.

TRENDING NOW

WhatsApp rolls out channel alerts, search messages by date features on Android: Report

RD vs SIP: Where to invest? Know advantages and disadvantages of both

Animal vs Sam Bahadur Box Office Collection Day 9: Animal crosses Rs 600 crore club, beats Sam Bahadur | Check day-wise collection

iQOO 12 with SD 8 Gen 3 launch set to launch in India soon

US Fed, ECB, Bank of England poised to keep interest rates on hold

Post Office Time Deposit Scheme: Interest up to 7.5%, guaranteed returns, fixed income, preclosure rules, other benefits

Earthquake of magnitude 5.7 strikes Peru's Paracas

India vs South Africa 1st T20I Free Live Streaming: When and Where to watch IND VS SA T20I series Match LIVE on Mobile Apps, TV, Laptop, Online

MP BJP MLAs to meet on Monday to elect legislative party leader; CM likely to be announced

NPS (National Pension System): How to create a corpus of Rs 5 crore with Rs 442 investment/day? After retirement, you will get Rs 2.5 lakh every month

Seal integrity issue forces Cipla unit to recall one lot of medication in US

Manu Ahuja, CEO of Jubilant Agri and Consumer Products, passes away

Vehicle Insurance Policy: If your car drowns during flood or storm, can you claim insurance? Know rules

Startup hBits offers Rs 28 cr-commercial property in Mumbai to HNIs for fractional ownership

Affordability levels to buy homes hit in last 2 years; to improve in 2024 on likely repo rate cut: JLL

GDP growth rate at market prices estimated at 7.4-7.7 per cent for 2018-19, the report said.

The growth rates of exports and imports, in dollar terms, are estimated at 11.8 per cent and 16.9 per cent respectively.

The current account balance and central fiscal deficit, as percentages of GDP, are projected at - 2.3 per cent and 3.2 per cent respectively.

NCAER said its estimates suggest that the combined output of kharif and rabi foodgrains during the current year may be in the region of 290 million tonnes, which is slightly higher than last year's record output.

As per the report, the outlook for the Indian industrial sector remains mixed for current fiscal.

Watch This Zee Business Video

Noting that after showing an uptick in the last quarter, almost all inflation metrics exhibited a decreasing trend, NCAER said," This was largely due to the deflationary trend exhibited in food prices. Inflation is expected to fall further in the next quarter due to moderating fuel prices."

The NCAER also pointed out that the softening of headline CPI inflation in October 2018 and slump in global crude oil prices along with the pullback of the rupee in November 2018, reduce the chance of a rate hike at the RBI's bimonthly monetary policy meeting to be held on December 5, 2018.