India remains as fastest growing economy

Based on inputs by Shahid Kazi

As per the ‘First Advance Estimates of National Income, 2018-19’ released by Central Statistics Office,  the Indian economy will grow 7.2% in 2018-19 compared to last year’s 6.7% expansion.

The estimate by CSO is slightly less than the estimate given by RBI which believes that economy will grow at 7.4% in the current fiscal year that ends in March. However its definitely a relief that there is no major gap in the estimates, pointing to the fact that the economy is “actually” growing.

The forecast will help India keep the fastest growing economy tag as growth in China is expected to slow. “Very healthy advance GDP growth numbers for 2018-19. India remains
fastest growing major economy globally,” said economic affairs secretary S C Garg.

“The Per Capita Income in real terms (at 2011-12 prices) during 2018-19 is likely to attain a level of Rs 91,921, up from Rs 86,668 for the year 2017-18,” CSO reported.

The growth rate in Per Capita Income is estimated at 6.1 per cent during FY19, as compared to 5.4 per cent in the same period last year, showed the data released by the Ministry of Statistics and Programme Implementation.

The manufacturing sector is estimated to grow by 8.3% in 2018-19, faster than the previous year’s 5.7% while farm sector is set to grow by 3.8% compared with 3.4% in 2017-18. Construction is expected to show signs of a turnaround growing by an annual
8.9% compared with 5.7% expansion in the previous year.

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