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India's GDP growth rate comes in at 5.8% in Q4FY19 - Here's how various sectors performed
India’s Gross Domestic Product (GDP) was logged at 5.8% during the fourth quarter of FY19. Overall, the real GDP or constant price for the entire fiscal FY19 is now estimated at Rs 140.78 lakh crore, registering a growth rate of 6.8% over the first revised estimates of GDP for FY18 where the indicator stood at Rs 131.80 lakh crore, highlighted the Central Statistics Office (CSO). Going forward, the real Gross Value Added (GVA) for the entire FY19 now stands at Rs 129.07 lakh crore showing a growth rate of 6.6% over the first revised estimates of GVA during FY18 where the numbers stood at Rs 121.04 lakh crore.
Here’s how sectors have performed.
The ‘Agriculture, Forestry and Fishing’ sector has shown a growth rate of 2.9% as against previous year’s growth rate of 5.0%. The GVA estimates of this sector have been compiled using the provisional estimates (3rd Advance Estimates of crop production 2018- 19) provided by the Department of Agriculture, Cooperation & Farmers Welfare (DAC & FW), Ministry of Agriculture.
Mining & Quarrying:
The ‘Mining and Quarrying’ sector has shown a growth rate of 1.3% as against previous year’s growth rate of 5.1%. The Index of Industrial Production of Mining registered growth of 2.8% during 2018-19 as compared to 2.3% during 2017-18.
Interestingly, the private corporate sector growth in the Mining sector was estimated using the latest available information on major Listed Companies for the financial year 2018-19. Further, growth in WPI of Minerals, Coal, Crude Oil and Natural Gas is estimated at 11.3, 7.3, (-)4.2 and (-)1.8% respectively during 2018-19 as compared to 8.3, 2.6, (-)0.9 and 2.4% respectively during 2017-18.
Growth in the ‘Manufacturing’ sector is estimated at 6.9% as against previous year’s growth rate of 5.9%. The Private Corporate sector growth (which has a share of around 70% in the Manufacturing sector) was estimated from available data of listed companies with BSE and NSE.
The IIP of Manufacturing registered a growth rate of 3.5% during 2018-19. The Wholesale Price Index (WPI), in respect of the manufactured products registered a growth of 3.7% during April-March, 2018-19 as compared to 2.7% during April-March, 2017-18.
Electricity, Gas, Water Supply and Other Utility Services:
GVA at Basic Prices for 2018-19 from ‘Electricity, Gas, Water Supply and Other Utility Services’ sector is estimated at 7.0% as against previous year’s growth rate of 8.6%. The key indicator of this sector, namely, IIP of Electricity registered a growth rate of 5.2% during April-March, 2018-19.
GVA at Basic Prices for 2018-19 from ‘Construction’ sector is estimated at 8.7% as against previous year’s growth rate of 5.6%. Key indicators of Construction sector, namely, production of Cement and consumption of finished Steel registered growth rates of 13.3% and 7.5%, respectively, during 2018-19 as compared to 6.3% and 7.9% respectively, during 2017-18.
Trade, Hotels, Transport, Communication and Services related to Broadcasting:
GVA at Basic Prices for 2018-19 from this sector is estimated at 6.9% as against previous year’s growth rate of 7.8%. Key indicator used for estimating GVA from Trade sector is the Sales Tax growth. With introduction of GST, Sales Tax data is now subsumed under GST.
Financial, Real Estate and Professional Services:
The sector 'Financial, Real Estate and Professional Services' has shown a growth rate of 7.4% as against previous year’s growth rate of 6.2%. Major component of this industry is the Real Estate and Professional Services which has a share of 72.0%.
The key indicators of Banking, namely, Aggregate Bank Deposits and Bank Credits have shown growth of 10.0% and 13.3%, respectively, during March, 2019.
Public Administration, Defence and Other Services:
The sector ‘Public Administration, Defence and Other Services' has shown a growth rate of 8.6% as against previous year’s growth rate of 11.9%. The key indicator of this sector namely, Union Government Revenue Expenditure grew by 12.5% during this period.
Ahead of the India’s GDP numbers for Q4FY19, the Federation of Indian Chambers of Commerce and Industry (FICCI) has already given its growth rate target for FY20. In its survey, India is projected to expand between 6.8% to 7.3% during FY20. However, the median GDP is estimated at 7.1% in FY20, followed by 7.2% in FY21.
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