On January 31,2020, National Statistics Office (NSO) of the Ministry of Statistics and Programme Implementation (MoSPI) in its 1st revised estimates for Fiscal year-FY19, has revised the India’s GDP (Gross Domestic Product) growth rate for the FY 2018-19 to 6.1 % as against the earlier forecast of 6.8 % due to a decrease in mining, manufacturing and agriculture.
Key Points:
i.GDP growth: According to the revised statistics, the real GDP or GDP at constant prices (base year 2011-12) stood at Rs 139.81 lakh crore and Rs 131.75 lakh crore in 2018-19 and 2017-18 respectively. Similarly, the growth rate was 6.1 % in 2018-19 and 7 % in 2017-18.But as per the first revision released in January 2019, real GDP in 2017-18 stood at Rs 131.80 lakh crore, showing a growth of 7.2 %.
ii.GVA Growth: Real Gross Value Added (GVA) growth in 2018-19 was 6% , which is lower than in 2017-18 (6.6%) . The main reasons for this are lower growth in agriculture, forests and fisheries, mining and allied activities, manufacturing, electricity, gas, water supply and other utility services and other services.
iii.3 sector GVA growth: GVA Growth rates of primary (agriculture, forest, fishery and mining and allied activities), secondary (manufacturing, electricity, gas, water supply and other utility services and construction) & services sector at 1%, 6% and 7.7% respectively in FY 2018-19, as against 5.8%, 6.5% and 6.9%, respectively, in the previous year.
iv.Net national income at current prices stood at Rs 167.89 lakh crore in 2018-19, up from Rs 151.50 lakh crore in 2017-18. Thus it grew by 10.8 % in 2018-19, from 11.2 % in the previous financial year.
About Ministry of Statistics and Programme Implementation (MoSPI):
It came into existence after the merger of the Department of Statistics and the Department of Programme Implementation.
Founded– 15 October 1999.
Headquarters– New Delhi.
Minister of State(MoS- independent Charge)- Rao Inderjit Singh.
Secretary– Shri Pravin Srivastava
