New Delhi: The Union government has revised India’s economic growth for financial year 2018-19 from 6.8 per cent to 6.1 per cent. The revision in economic growth figures come a day ahead of the presentation of Union Budget 2020 in parliament by Finance Minister Nirmala Sitharaman. Also Read - Markets Recoil as Economic Survey Stokes Fiscal Slippage Fears; All Eyes on Union Budget 2020
In the revised national account data, released on Friday, the National Statistical Office (NSO) said,”Real GDP or GDP at constant (2011-12) prices for the years 2018-19 and 2017-18 stand at Rs 139.81 lakh crore and Rs 131.75 lakh crore, respectively, showing growth of 6.1 per cent during 2018-19 and 7.0 per cent during 2017-18,” the National Statistical Office said. Also Read - Union Budget 2020: Government Tables Economic Survey, Pegs Growth Rate at 6-6.5% For FY 2020-21
Under the first revision released in January 2019, real GDP or GDP at constant (2011-12) prices for 2017-18 was pegged at Rs 131.80 lakh crore, showing a growth of 7.2 per cent. “The growth in real GVA (gross value added) during 2018-19 has been lower than that in 2017-18 mainly due to relatively lower growth in ‘Agriculture, Forestry & Fishing’, ‘Mining and Quarrying’, ‘Manufacturing’, ‘Electricity, Gas, Water Supply & Other Utility Services’, ‘Financial Services, ‘Public Administration and Defense’ and ‘Other Services’,” it added.
Earlier in the day, the Economic Survey presented by chief economic advisor (CEA) Krishnamurthy Subramanian projected revival of economic growth to 6-6.5 per cent in the next fiscal starting April 1, 2020. He also suggested the Centre to relax the budget deficit target to boost growth from a decade low.
(With agency inputs)